<SEC-DOCUMENT>0000919574-21-003335.txt : 20210512
<SEC-HEADER>0000919574-21-003335.hdr.sgml : 20210512
<ACCEPTANCE-DATETIME>20210511175159
ACCESSION NUMBER:		0000919574-21-003335
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20210331
FILED AS OF DATE:		20210512
DATE AS OF CHANGE:		20210511

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Global Ship Lease, Inc.
		CENTRAL INDEX KEY:			0001430725
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34153
		FILM NUMBER:		21912731

	BUSINESS ADDRESS:	
		STREET 1:		TRUST COMPANY COMPLEX
		STREET 2:		AJELTAKE ROAD, AJELTAKE ISLAND
		CITY:			MAJURO
		STATE:			1T
		ZIP:			MH96960
		BUSINESS PHONE:		44 (0) 20 3998 0060

	MAIL ADDRESS:	
		STREET 1:		C/O GLOBAL SHIP LEASE SERVICES LTD.
		STREET 2:		25 WILTON ROAD
		CITY:			LONDON
		STATE:			X0
		ZIP:			SW1V 1LW

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GSL Holdings, Inc.
		DATE OF NAME CHANGE:	20080326
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d8852391_6k.htm
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  <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">UNITED STATES</div>
  <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
  <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Washington, D.C. 20549</div>
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  <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">FORM 6-K</div>
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    </font><br>
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  <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934</div>
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    <font style="font-family: sans-serif; font-size: 12pt;"></font><br>
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  <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">For the month of May 2021</div>
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    <font style="font-family: sans-serif; font-size: 12pt;"></font><br>
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  <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Commission File Number:&#160; 001-34153</div>
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    </font><br>
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          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Global Ship Lease, Inc.</div>
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          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">(Translation of registrant's name into English)</div>
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          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">c/o Global Ship Lease Services Limited</div>
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">25 Wilton Road</div>
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">London SW1V 1LW</div>
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">United Kingdom</div>
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          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">(Address of principal executive office)</div>
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  <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</div>
  <div style="text-align: justify;"><br>
  </div>
  <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Form 20-F [X]&#160; &#160; &#160;&#160; Form 40-F [&#160; ]</div>
  <div style="text-align: justify;"><br>
  </div>
  <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [&#160; ].</div>
  <div style="text-align: justify;"><br>
  </div>
  <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Note</font>: Regulation S-T Rule 101(b)(1) only permits the
    submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.</div>
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  </div>
  <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [&#160; ].</div>
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  <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Note</font>: Regulation S-T Rule 101(b)(7) only permits the
    submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or
    legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been
    distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.</div>
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  <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">INFORMATION CONTAINED IN THIS FORM 6-K REPORT</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="color: #000000;">Attached to this Report on Form 6-K (this &#8220;Report&#8221;) as </font><a href="d8852391_ex99-1.htm"><font style="color: #0000EE;">Exhibit 99.1</font></a><font style="color: #000000;"> is a copy of the press release of Global Ship Lease, Inc. (the &#8220;Company&#8221;), dated May 10, 2021, reporting the Company&#8217;s financial results for the three months ended March
      31, 2021.&#160; Attached to this Report as </font><a href="d8852391_ex99-2.htm"><font style="color: #0000EE;">Exhibit 99.2</font></a><font style="color: #000000;"> are the Company&#8217;s interim unaudited consolidated financial statements for the three months ended March 31, 2021.</font></div>
  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="color: #000000;">The information contained in this Report, except for the
      commentary of George Youroukos and Ian Webber contained in </font><font style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);">Exhibit 99.1</font><font style="color: #000000;"><font style="color: rgb(0, 0, 0);">, is </font>hereby incorporated by reference into the Company's registration statements on Form F-3 (File Nos. 333-231509, 333-234343 and 333-235305).</font></div>
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  <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">SIGNATURES</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on
    its behalf by the undersigned, thereunto duly authorized.</div>
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          <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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          <div style="font-family: 'Times New Roman', serif; font-weight: bold;">GLOBAL SHIP LEASE, INC.</div>
        </td>
        <td style="width: 15%; vertical-align: top;" colspan="1">&#160;</td>
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          <div style="font-family: 'Times New Roman', serif;">(registrant)</div>
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          <div style="font-family: 'Times New Roman', serif;">Dated: May 11, 2021</div>
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          <div style="font-family: 'Times New Roman', serif;">By:</div>
        </td>
        <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', serif;">/s/ Ian J. Webber</div>
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        <td style="width: 30%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">Ian J. Webber</div>
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        <td style="width: 30%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">Chief Executive Officer</div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d8852391_ex99-1.htm
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.1</font><br>
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      <div style="text-align: right; font-family: 'Times New Roman', serif;">Investor and Media Contacts:</div>
      <div style="text-align: right; font-family: 'Times New Roman', serif;">The IGB Group</div>
      <div style="text-align: right; font-family: 'Times New Roman', serif;">Bryan Degnan</div>
      <div style="text-align: right; font-family: 'Times New Roman', serif;">646-673-9701</div>
      <div style="text-align: right; font-family: 'Times New Roman', serif;">or</div>
      <div style="text-align: right; font-family: 'Times New Roman', serif;">Leon Berman</div>
      <div style="text-align: right; font-family: 'Times New Roman', serif;">212-477-8438</div>
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      </div>
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      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Global Ship Lease Reports Results for the First Quarter of 2021</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Declares Dividend of $0.25 per Common Share</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">LONDON, ENGLAND &#8212; May 10, 2021</font> - Global Ship Lease, Inc. (NYSE:GSL) (the &#8220;Company&#8221;, &#8220;Global Ship Lease&#8221; or &#8220;GSL&#8221;), a
        containership charter owner, announced today its unaudited results for the three months ended March 31, 2021.</div>
      <div style="text-align: justify; margin-right: 1.45pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">First Quarter 2021</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">- Reported operating revenue of $73.0 million for the first quarter 2021.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">- Reported net income available to common shareholders of $4.2 million for the first quarter 2021 after $5.8 million premium paid on the full optional
        redemption of our outstanding 9.875% Senior Secured Notes due 2022 (&#8220;2022 Notes&#8221;) on January 20, 2021, an associated non-cash write off of deferred financing charges of $3.7 million and of original issue discount of $1.1 million, a non-cash charge
        of $1.3 million for accelerated stock based compensation expense due to vesting and new awards of fully vested incentive shares, and a prepayment fee of $1.6 million on the partial repayment of our Blue Ocean Junior Credit Facility, giving
        normalized net income<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup> of $17.8 million.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">- Generated $44.7 million of Adjusted EBITDA<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup> for the first quarter 2021.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">- Declared a dividend today of $0.25 per Class A common share for the first quarter 2021 to be paid on June 3, 2021 to common shareholders of record as of
        May 24, 2021, more than double the $0.12 per Class A common share announced on January 12, 2021, as a result of subsequent fleet growth and success in rechartering.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">- During the first quarter 2021, raised a further $10.7 million net proceeds under our ATM program for our 8.75% Series B Preferred Shares (&#8220;Series B
        Preferred Shares&#8221;). During the period from April 1, 2021 through May 7, 2021, a further $10.3 million net proceeds was raised under this ATM program.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">- During the first quarter 2021, raised a further $15.1 million net proceeds under our ATM program for our 8.00% Senior Unsecured Notes due 2024 (&#8220;2024
        Notes&#8221;). During the period from April 1, 2021 through May 7, 2021, a further $7.6 million net proceeds was raised under this ATM program.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">- On January 12, 2021, Moody&#8217;s upgraded our Corporate Family Rating and the issue rating of our 2022 Notes to B2 / Positive from B3 / Positive.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">- On January 19, 2021, fully drew down a new $236.2 million&#160;senior secured loan facility with Hayfin Capital Management, LLP (the &#8220;New Hayfin Facility&#8221;).&#160;
        The proceeds, together with cash on hand, were used to complete on January 20, 2021 the full optional redemption of our outstanding 2022 Notes.</div>
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      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">- On January 20, 2021, upon the redemption in full of our 2022 Notes, the 250,000 Series C Perpetual Convertible Preferred Shares held by KEP VI (Newco
        Marine) Ltd. and KIA VIII (Newco Marine) Ltd. (together, &#8220;Kelso&#8221;), both affiliates of Kelso &amp; Company, a U.S. private equity firm, were converted into 12,955,188 of our Class A common shares.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">- On January 26, 2021, closed our fully underwritten public offering of 5,400,000 Class A common shares, at a public offering price of $13.00 per share. The
        underwriters exercised, in part, their 30-day option to purchase on February 17, 2021, an additional 141,959 Class A common shares. The aggregate net proceeds, after underwriting discounts and commissions and expenses, were approximately $67.8
        million.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">- On February 9, 2021, announced that we had agreed to purchase from and charter back to Maersk Line, seven 6,000 TEU Post-Panamax containerships with an
        average age of approximately 20 years for an aggregate purchase price of $116.0 million.&#160; During the period from April 1, 2021 through May 9, 2021, four ships have been delivered. The remaining ships are scheduled for delivery during the second and
        third quarter of 2021. In April 2021, we entered into a new credit facility with HCOB for six of these seven ships and have drawn down three tranches of $10.7 million each, amounting to a total of $32.1 million. We expect to enter into a new credit
        facility shortly to finance the fourth ship delivered to date.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">- On April 13, 2021,&#160; Kelso and&#160;Maas Capital Investments B.V. sold an aggregate of&#160;5,175,000 Class A common shares in an underwritten public offering
        at&#160;$12.50&#160;per share (including 675,000 Class A common shares that were sold pursuant to the underwriters&#8217; exercise, in full, of their option to purchase additional shares). We did not receive any proceeds from the sale of these Class A common
        shares.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">- On April 16, 2021, we drew down in full on a new $51.7 million secured credit facility to refinance one of the three existing tranches of the <font style="color: #000000;">$180.5 million Deutsche, CIT, HCOB, Entrust, Blue Ocean Credit Facility</font> that had a maturity date on June 30, 2022.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">- On May 7, 2021, we drew down in full on a new $51.7 million secured credit facility to refinance the second of the three existing tranches of the <font style="color: #000000;">$180.5 million Deutsche, CIT, HCOB, Entrust, Blue Ocean Credit Facility</font> that had a maturity date on June 30, 2022.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">- Since January 1, 2021 and excluding the seven ships we have contracted to purchase, agreed 11 charter extensions or new charters for our existing fleet,
        adding approximately $280.9 million of contracted revenues and $204.1 million of expected aggregate Adjusted EBITDA. The charters were for five 2,200 &#8211; 2,800 TEU feeder ships, one 5,100 TEU Panamax, and five 5,900 &#8211; 6,800 TEU Post-Panamaxes.
        Charter durations ranged from approximately 21 months to over four years, with shorter durations for the smaller ships and longer durations for the larger ships. Rates were up significantly against those previously contracted. Including the seven
        ships contracted for purchase, we have added approximately $300 million of expected aggregate Adjusted EBITDA since January 1, 2021 calculated on the basis of the median firm periods of the respective charters.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">George Youroukos, Executive Chairman of Global Ship Lease, stated, &#8220;The strong containership market momentum of late 2020 has further accelerated in 2021,
        positioning the sector for levels of profitability not seen in many years. While factors such as port delays, shortage of equipment, and congestion in the Suez Canal have provided support at the margin in tying up containership capacity, the
        present market conditions are based on the fundamentals of underlying strong demand growth set against limited supply, resulting in effectively full employment of the global containership fleet. Given the multi-year construction time for new
        containerships, we expect constrained supply to persist through at least the medium term &#8211; particularly in the workhorse mid-sized and smaller classes where we focus &#8211; resulting in continued market tightness.&#8221;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 2</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">&#8220;In the meantime, we continue to agree new charters for lengthening durations at increasingly attractive rates. We have also maintained our disciplined but
        active approach to growth through opportunistic secondhand vessel acquisitions, utilizing our balance sheet and strong cashflows to add immediately accretive, charter-attached tonnage with compelling upside potential and limited downside risk. We
        have made continued progress in this regard, having already taken delivery of four of the seven 6,000 TEU ships that we have agreed this year to acquire, and we remain optimistic that further such opportunities exist in the market. Having
        transformed our balance sheet, established a track record of continuous, disciplined growth, substantially expanded our charter durations and contracted revenue, and with today&#8217;s declaration of an increase to $0.25 per common share of the
        previously announced sustainable quarterly dividend based upon reliable, long-term cashflows, Global Ship Lease is advancing on all fronts as we utilize the strengths of our fleet and charter portfolio to create lasting value for our shareholders.&#8221;</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Ian Webber, Chief Executive Officer of Global Ship Lease, commented, &#8220;Even as we have remained very active in pursuing growth and additional long-term
        charter cover, we have also taken the opportunity of the highly supportive market backdrop to further strengthen our balance sheet, reduce our cost of capital, and enhance our overall financial resilience and capacity to pursue opportunistic
        growth. In the first four months of 2021, by the full redemption of our restrictive 2022 Notes and our other refinancing initiatives, we have refinanced $330.6 million of debt, removed all but $54.4 million of maturities through end 2022, and
        dramatically improved our debt service and amortization profile while reducing our blended cost of debt from 6.4% to 5.5%. With these enhancements, an improved credit rating, the initiation of a sustainable quarterly dividend at an increased level
        due to our fleet expansion and the continuing success in rechartering ships at higher rates for longer periods, and increased trading liquidity enabled by our improved free float as a result of our recent equity offerings, we believe that we have
        materially improved Global Ship Lease&#8217;s attractiveness as an investment at this very exciting time in our history.&#8221;</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">SELECTED FINANCIAL DATA &#8211; UNAUDITED</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic;">(thousands of U.S. dollars)</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zebe4e880262e4d9da40f3337dd62c1f2">

          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">Three</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">Three</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">months ended</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">months ended</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman', serif;"><u>March 31, 2021</u></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman', serif;"><u>March 31, 2020</u></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Operating Revenue <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">72,980</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">70,947</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="font-family: 'Times New Roman', serif;">Operating Income</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">30,272</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">20,396</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Net Income <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">4,159</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">621</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="font-family: 'Times New Roman', serif;">Adjusted EBITDA <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">44,743</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">39,979</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Normalized Net Income <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">17,765</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">10,477</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">(1) Operating Revenue is net of address commissions which represents a discount provided directly to a charterer based on a fixed percentage of the agreed
        upon charter rate. Brokerage commissions are included in &#8220;Time charter and voyage expenses&#8221;.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">(2) Net Income available to common shareholders.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">(3) Adjusted EBITDA and Normalized Net Income are non-U.S. Generally Accepted Accounting Principles (&#8220;U.S. GAAP&#8221;) financial measures, as explained further
        in this press release, and are considered by Global Ship Lease to be a useful measure of its performance. For reconciliations of these non-U.S. GAAP financial measure to net income, the most directly comparable U.S. GAAP financial measure, please
        see &#8220;Reconciliation of Non-U.S. GAAP Financial Measures&#8221; below.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 3</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-right: 9.55pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic;">Revenue and Utilization</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Revenue from fixed-rate, mainly long-term, time-charters was $73.0 million in the three months ended March 31, 2021, up $2.1 million (or 3.0%) on revenue of
        $70.9 million for the prior year period, despite a 3.6% reduction in ownership days, due to the sale of <font style="font-style: italic;">GSL Matisse </font>and <font style="font-style: italic;">Utrillo</font> during the second quarter 2020, to
        3,870 in the quarter, compared to 4,016 in the first quarter 2020. The increase in revenue is principally due to (i) a reduction in planned offhire days from 224 in the first quarter of 2020 to 27, (ii) increased revenue on renewals at higher rates
        from <font style="font-style: italic;">Maira, Nikolas, Dolphin II, GSL Ningbo </font>and<font style="font-style: italic;"> GSL Valerie </font>partially<font style="font-style: italic;">&#160;</font>offset by decreases in revenue on renewals at lower
        rates from <font style="font-style: italic;">Maira XL, CMA CGM Alcazar, </font>and<font style="font-style: italic;"> CMA CGM Chateau d&#8217;If, </font>(iii) full contribution in the quarter from <font style="font-style: italic;">GSL Christen</font>
        and <font style="font-style: italic;">GSL Nicoletta</font> which were delivered during the first quarter 2020 and, (iv) less idle time, down to 15 days in the first quarter 2021 from 56, offset by the lower ownership days.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The 27 days of offhire for dry dockings in the first quarter 2021 were attributable to one regulatory dry-docking. With 15 days idle time for <font style="font-style: italic;">Maira </font>between charters and 25 days of unplanned offhire days, utilization for the first quarter 2021 was 98.3%. In the comparative period of 2020, the 224 days of planned offhire were for three regulatory dry
        dockings and two scrubber installations, with extended completion times due to congestion in shipyards. With 56 days idle time for<font style="font-style: italic;"> GSL Matisse</font> and <font style="font-style: italic;">Utrillo</font> and 39
        days of unplanned offhire, utilization for the first quarter 2020 was 92.1%.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The table below shows fleet utilization for the three months ended March 31, 2021 and 2020, and for the years ended December 31, 2020, 2019, 2018 and 2017.</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zf290bc3f4e6b4ede8c3dbe149d8b5018">

          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="6">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Three months ended</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="14">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Year ended</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">March 31,</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">March 31,</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Dec 31,</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Dec 31,</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Dec 31,</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Dec 31,</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Days</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2021</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2020</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2020</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2019</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">4,016</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">16,044</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">14,326</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">7,675</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">6,570</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 28%;">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(27</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(224</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(687</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(537</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(34</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(62</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="vertical-align: middle; width: 28%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Unplanned offhire</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(25</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(39</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(95</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(105</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(17</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(40</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 28%; padding-bottom: 2px;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Idle time</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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              <div style="color: #000000; font-family: 'Times New Roman', serif;">(15</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(56</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(338</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(164</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(47</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">0</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 28%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Operating days</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">3,803</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">3,697</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">14,924</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">13,520</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">7,577</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">6,468</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 28%;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 28%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Utilization</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">98.3</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">%</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">92.1</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">%</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">93.0</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">%</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">94.4</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">%</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">98.7</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">%</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">98.4</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">%</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">One dry-docking for regulatory requirements was completed in the quarter and as of March 31, 2021, one such dry-docking was in progress. In 2021, we
        anticipate eight further dry dockings for the existing fleet.&#160; We anticipate that four of the seven 6,000 TEU ships we have contracted to purchase will be dry-docked in 2021 for regulatory requirements.</div>
      <div style="text-align: justify; margin-right: 9.55pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic;">Vessel Operating Expenses</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Vessel operating expenses, which primarily include costs of crew, lubricating oil, repairs, maintenance, insurance and technical management fees, were down
        4.7% to $24.3 million for the first quarter 2021, compared to $25.5 million in the comparative period. The decrease of $1.2 million was mainly due to fewer ownership days as a result of the disposal of <font style="font-style: italic;">GSL Matisse</font>
        and <font style="font-style: italic;">Utrillo</font>. The average cost per ownership day in the quarter was $6,275, compared to $6,353 for the prior year period, down $78 per day, or 1.2%.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 4</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="margin-right: 5.05pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic;">Time Charter and Voyage Expenses</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Time charter and voyage expenses comprise mainly commission paid to ship brokers, the cost of bunker fuel for owner&#8217;s account when a ship is off-hire or
        idle and miscellaneous owner&#8217;s costs associated with a ship&#8217;s voyage. Time charter and voyage expenses were $1.8 million for the first quarter 2021, compared to $3.5 million in the first quarter of 2020. The decrease is mainly due to the decrease
        in idle days and unplanned off hire days resulting in lower costs for bunker fuel for owner&#8217;s account.</div>
      <div style="text-align: justify; margin-right: 5.05pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic;">Depreciation and Amortization</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Depreciation and amortization for the first quarter 2021 was $12.4 million, compared to $11.5 million in the first quarter of 2020. The increase in the
        amortization expense is due to the six drydockings that have been completed since April 1, 2020. Depreciation was slightly increased due to additions of scrubbers and BWTS, offset by the sale of <font style="font-style: italic;">GSL Matisse</font>
        and <font style="font-style: italic;">Utrillo</font>.</div>
      <div style="margin-right: 5.05pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic;">Loss on sale of vessels - vessel impairment losses</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">As of March 31, 2020, we had an expectation that <font style="font-style: italic;">GSL Matisse </font>and<font style="font-style: italic;"> Utrillo</font>
        would be sold before the end of their previously estimated useful life, and as a result performed an impairment test of these two asset groups and an impairment charge of $7.6 million was recognized in the first quarter 2020. As there were no
        trigger events, no impairment testing was performed for the first quarter of 2021.</div>
      <div style="text-align: justify; margin-right: 5.05pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic;">General and Administrative Expenses</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">General and administrative expenses were $4.3 million in the first quarter 2021, compared to $2.4 million in the first quarter of 2020. The average general
        and administrative expense per ownership day for the first quarter 2021 was $1,104, compared to $607 in the comparative period, an increase of $497 or 81.9%. The increase was mainly due to the non-cash effect of accelerated stock based compensation
        expense due to vesting and new awards of fully vested incentive shares.</div>
      <div style="margin-right: 5.05pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic;">Adjusted EBITDA</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Adjusted EBITDA was $44.7 million for the first quarter 2021, up from $40.0 million for the first quarter of 2020, with the net increase being mainly due to
        the increased operating days.</div>
      <div style="margin-right: 5.05pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic;">Interest Expense and Interest Income</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Debt as at March 31, 2021 totaled $769.0 million, comprising $694.1 million secured debt collateralized by our vessels and $74.9 million of unsecured
        indebtedness on our 2024 Notes. As of March 31, 2021, none of our vessels were unencumbered.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Debt as at March 31, 2020 totaled $866.1 million, comprising $267.6 million of indebtedness under our 2022 Notes, $12.1 million of indebtedness under the
        Citi secured term loan, both cross collateralized by 18 ships in the legacy GSL fleet, $527.5 million of bank debt collateralized by the rest of the fleet and $59.0 million of indebtedness under our 2024 Notes. Five vessels were unencumbered as at
        March 31, 2020.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 5</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Interest and other finance expenses for the first quarter 2021 were $25.3 million, an increase of $5.7 million, or 29.1%, on the interest and other finance
        expenses for the first quarter of 2020 of $19.6 million. The increase is mainly due to $5.8 million premium paid on the redemption in full of our 2022 Notes in January 2021 compared to $2.3 million premium paid on the redemption $46.0 million of
        the 2022 Notes in March 2020 plus the acceleration of deferred financing charges of $3.7 million, and the acceleration of amortization of original issue discount associated with the redemption of the 2022 Notes of $1.1 million plus a prepayment fee
        of $1.6 million paid on the partial repayment of our Blue Ocean Junior Credit Facility using a portion of the net proceeds from our ATM programs, offset by the effect of a decrease in LIBOR.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Interest income for the first quarter 2021 was $0.2 million, compared to $0.6 million for the first quarter of 2020 with the decrease being due to lower
        deposit interest rates.</div>
      <div style="margin-right: 5.05pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic;">Other Income Net</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Other income, net was $0.4 million in the three months ended March 31, 2021, compared to $21,000 in the first quarter of 2020.</div>
      <div style="text-align: justify; margin-right: 5.05pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic;">Earnings Allocated to Preferred Shares</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Our Series B Preferred Shares carry a coupon of 8.75%, the cost of which for the first quarter 2021 was $1.5 million, compared to $0.9 million for the first
        quarter of 2020. The increase is due to additional Series B Preferred Shares issued under our ATM program since March 2020.</div>
      <div style="text-align: justify; margin-right: 5.05pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic;">Net Income Available to Common Shareholders</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Net income available to common shareholders for the three months ended March 31, 2021 was $4.2 million, after $5.8 million premium paid on the redemption in
        full of our 2022 Notes in January 2021, $3.7 million acceleration of deferred financing charges and $1.1 million acceleration of the amortization of the original issue discount both associated with the redemption of the 2022 Notes.&#160; Net income
        available to common shareholders for the prior period was $0.6 million after $2.3 million premium paid on the redemption $46.0 million of our 2022 Notes in March 2020 and $7.6 million impairment charges associated with the decision to dispose of <font style="font-style: italic;">GSL Matisse </font>and<font style="font-style: italic;"> Utrillo</font>.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Normalized net income for the three months ended March 31, 2021, was $17.8 million, before the $5.8 million premium paid on the redemption in full of our
        2022 Notes in January 2021, the acceleration of deferred financing charges of $3.7 million and the acceleration of the amortization of the original issue discount of $1.1 million and the non-cash effect of $1.3 million for accelerated stock based
        compensation expense due to vesting and new awards of fully vested incentive shares, plus a prepayment fee of $1.6 million paid on the partial repayment of our Blue Ocean Junior Credit Facility. Normalized net income in the comparative period was
        $10.5 million, before the $2.3 million premium paid on the redemption $46.0 million of our 2022 Notes in March 2020 and the non-cash impairment charge of $7.6 million.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 6</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic;">Fleet</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The following table provides information about our on-the-water fleet of 47 ships including ships delivered and charters agreed up to May 9, 2021</div>
      <table cellspacing="0" cellpadding="0" id="z481b957a673d45b39f9df2727de73290" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td nowrap="nowrap" style="width: 13.3%; vertical-align: middle; border-bottom: #000000 2px solid;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Vessel&#160;Name</div>
            </td>
            <td style="width: 10.11%; vertical-align: middle; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Capacity in&#160;TEUs</div>
            </td>
            <td style="width: 12.79%; vertical-align: middle; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Lightweight (tons)</div>
            </td>
            <td style="width: 6.65%; vertical-align: middle; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Year Built</div>
            </td>
            <td style="width: 15.31%; vertical-align: middle; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Charterer</div>
            </td>
            <td style="width: 16.54%; vertical-align: middle; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Earliest&#160;Charter Expiry&#160;Date</div>
            </td>
            <td style="width: 15.2%; vertical-align: middle; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Latest&#160;Charter Expiry&#160;Date</div>
            </td>
            <td style="width: 10.11%; vertical-align: middle; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Daily Charter Rate&#160;$</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 13.3%; vertical-align: middle;">&#160;</td>
            <td style="width: 10.11%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.79%; vertical-align: bottom;">&#160;</td>
            <td style="width: 6.65%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.31%; vertical-align: bottom;">&#160;</td>
            <td style="width: 16.54%; vertical-align: middle;">&#160;</td>
            <td style="width: 15.2%; vertical-align: bottom;">&#160;</td>
            <td style="width: 10.11%; vertical-align: middle;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle; background-color: #CCECFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">CMA CGM Thalassa</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">11,040</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">38,577</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2008</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">CMA CGM</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">4Q25</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">1Q26</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">47,200</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">UASC Al Khor<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">9,115</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">31,764</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2015</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Hapag-Lloyd</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">1Q22</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2Q22</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">34,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle; background-color: #CCECFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Anthea Y<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">9,115</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">31,890</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2015</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">COSCO</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">3Q23</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">4Q23</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">38,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Maira XL<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">9,115</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">31,820</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2015</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">ONE</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2Q22</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">3Q22</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">31,650</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle; background-color: #CCECFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">MSC Tianjin</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">8,603</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">34,325</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2005</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">MSC</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2Q24</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">3Q24</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Note <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">MSC Qingdao</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">8,603</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">34,609</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2004</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">MSC</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2Q24</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">3Q24</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">23,000 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle; background-color: #CCECFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">GSL Ningbo</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">8,603</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">34,340</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2004</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">MSC</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">1Q23</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">3Q23</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">22,500</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">GSL Eleni</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; color: #002060; font-family: 'Times New Roman', serif;">7,847</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">29,261</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2004</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Maersk</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">3Q24</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">4Q24 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">16,500 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle; background-color: #CCECFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">GSL Kalliopi</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">7,847</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">29,105</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2004</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Maersk</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">4Q22</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">4Q24 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">14,500 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">GSL Grania</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">7,847</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">29,190</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2004</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Maersk</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">4Q22</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">4Q24 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">14,500 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle; background-color: #CCECFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Mary<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">6,927</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">23,424</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2013</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">CMA CGM</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">3Q23</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">4Q23</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">25,910</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Kristina<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">6,927</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">23,421</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2013</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">CMA CGM</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2Q24</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">3Q24</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">25,910</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle; background-color: #CCECFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Katherine <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">6,927</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">23,403</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2013</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">CMA CGM</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">1Q24</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2Q24</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">25,910</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Alexandra <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">6,927</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">23,348</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2013</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">CMA CGM</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">1Q24</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2Q24</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">25,910</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle; background-color: #CCECFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Alexis <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">6,882</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">23,919</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2015</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">CMA CGM</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">1Q24</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2Q24</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">25,910</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Olivia I <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">6,882</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">23,864</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2015</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">CMA CGM</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">1Q24</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2Q24</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">25,910</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle; background-color: #CCECFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">GSL Christen</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">6,840</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">27,954</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2002</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Maersk</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">3Q23</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">4Q23</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Note <sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">GSL Nicoletta</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">6,840</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">28,070</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2002</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">MSC<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">3Q24</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">4Q24</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Note<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle; background-color: #CCECFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">CMA CGM Berlioz</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">6,621</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">26,776</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2001</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">CMA CGM</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">4Q25</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">1Q26</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Note<sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">(6)</sup></div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Agios Dimitrios</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">6,572</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">24,931</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2011</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">MSC</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">4Q23</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">1Q24</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">20,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle; background-color: #CCECFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">GSL Vinia</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">6,080</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">23,737</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2004</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Maersk</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">3Q24</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">1Q25</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">13,250</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">GSL Christel Elisabeth</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">6,080</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">23,745</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2004</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Maersk</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2Q24</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">1Q25</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">13,250</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle; background-color: #CCECFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">GSL Dorothea</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">6,008</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">24,243</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2001</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Maersk</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2Q24</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">3Q26</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;"><font style="color: #000000;">Note</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(7)</sup></div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">GSL Arcadia</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">6,008</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">24,858</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2000</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Maersk</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2Q24</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">3Q27</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Note<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(7)</sup></div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle; background-color: #CCECFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">GSL Violetta</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">6,008</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">24,873</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2000</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">WHL/Maersk</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">4Q24</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">4Q25</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;"><font style="color: #000000;">Note</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(7)</sup></div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">GSL Maria</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">6,008</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">24,414</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2001</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">ONE/Maersk</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">3Q24</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2Q27</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Note<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(7)</sup></div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle; background-color: #CCECFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Tasman</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">5,936</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">25,010</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2000</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Maersk</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">1Q22</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">3Q23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(8)</sup></div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">12,500<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(8)</sup></div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">ZIM Europe</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">5,936</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">25,010</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2000</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">ZIM</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">1Q24</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2Q24</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Note<sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">(9)</sup></div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle; background-color: #CCECFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Ian H</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">5,936</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">25,128</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2000</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">ZIM</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2Q24</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">3Q24</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Note<sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">(9)</sup></div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Dolphin II</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">5,095</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">20,596</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2007</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">OOCL</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">1Q22</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2Q22</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">24,500</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle; background-color: #CCECFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Orca I</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">5,095</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">20,633</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2006</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Maersk</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2Q24</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">3Q25</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Note<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> (10)</sup></div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">CMA CGM Alcazar</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">5,089</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">20,087</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2007</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">CMA CGM</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">3Q21</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">4Q21</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">16,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle; background-color: #CCECFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">GSL Ch&#226;teau d&#8217;If</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">5,089</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">19,994</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2007</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Hapag-Lloyd</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">4Q21</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">4Q21</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">14,500</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">CMA CGM Jamaica</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">4,298</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">17,272</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2006</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">CMA CGM</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">3Q22</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">1Q23</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">25,350</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle; background-color: #CCECFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">CMA CGM Sambhar</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">4,045</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">17,429</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2006</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">CMA CGM</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">3Q22</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">1Q23</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">25,350</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">CMA CGM America</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">4,045</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">17,428</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2006</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">CMA CGM</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">3Q22</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">1Q23</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">25,350</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle; background-color: #CCECFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">GSL Valerie</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2,824</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">11,971</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2005</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">ZIM</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">3Q21</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">1Q22</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">13,250</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Athena</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2,762</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">13,538</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2003</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;"><font style="color: #000000;">MSC</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(10)</sup></div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">1Q24</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2Q24</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;"><font style="color: #000000;">Note</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(11)</sup></div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle; background-color: #CCECFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Maira</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2,506</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">11,453</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2000</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Hapag-Lloyd</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">1Q23</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2Q23</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">14,450</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Nikolas</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2,506</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">11,370</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2000</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">CMA CGM</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">1Q23</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">1Q23</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">16,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle; background-color: #CCECFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Newyorker</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2,506</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">11,463</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2001</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">CMA CGM</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">1Q24</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2Q24</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;"><font style="color: #000000;">20,700</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(12)</sup></div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">La Tour</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2,272</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">11,742</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2001</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">MSC</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2Q21</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2Q21</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">7,250</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle; background-color: #CCECFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Manet</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2,272</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">11,727</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2001</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Sea-Lead</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">4Q21</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">4Q21</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">12,850</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Keta</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2,207</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">11,731</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2003</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">OOCL</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">3Q21</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">3Q21</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">9,400</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle; background-color: #CCECFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Julie</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2,207</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">11,731</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2002</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Sea Consortium</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Note</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Note</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;"><font style="color: #000000;">Note</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(13)</sup></div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Kumasi</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2,207</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">11,791</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2002</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">CMA CGM</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">4Q21</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">4Q21</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">9,300</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.3%; vertical-align: middle; background-color: #CCECFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Marie Delmas</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2,207</div>
            </td>
            <td nowrap="nowrap" style="width: 12.79%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">11,731</div>
            </td>
            <td nowrap="nowrap" style="width: 6.65%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2002</div>
            </td>
            <td nowrap="nowrap" style="width: 15.31%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">CMA CGM</div>
            </td>
            <td nowrap="nowrap" style="width: 16.54%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">4Q21</div>
            </td>
            <td nowrap="nowrap" style="width: 15.2%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">4Q21</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">9,300</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z9060178dc8a346de9561a70975d5c095" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-style: italic;">(1)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif; font-style: italic;">Modern design, high reefer capacity, fuel-efficient vessel.</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" id="z61d08a46f6584a889016a614aaab96b2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-style: italic;">(2)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif; font-style: italic;">MSC Tianjin. Chartered at $23,000 per day through dry-docking in 2Q2021; thereafter at $19,000 per day, due to cancellation of scrubber installation. MSC Qingdao has a
                  scrubber installed and will continue to trade at a rate of $23,000 per day.</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" id="z0f52829268504592a099aeb400fd6bea" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-style: italic;">(3)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif; font-style: italic;">GSL Eleni delivered 2Q2019 and is chartered for five years; GSL Kalliopi (delivered 4Q2019) and GSL Grania (delivered 3Q2019) are chartered for three years plus two
                  successive periods of one year at the option of the charterer. During the option periods the charter rates for GSL Kalliopi and GSL Grania are $18,900 per day and $17,750 per day respectively.</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" id="z0547fca5fc264806a29ade6d30d0c725" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-style: italic;">(4)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif; font-style: italic;">GSL Christen. Chartered at $15,000 per day through May 2021, at which time the rate will increase to $35,000 per day.</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" id="zbafd65fcfa2d4dbb8db90e0149364c11" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-style: italic;">(5)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif; font-style: italic;">GSL Nicoletta. Chartered to MSC at $13,500 per day to 3Q21; thereafter to be chartered to Maersk at $35,750 per day.</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" id="z3e546f916d9548029308baa8676af886" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-style: italic;">(6)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif; font-style: italic;">CMA CGM Berlioz. Chartered at $34,000 per day through December 2021, at which time the rate will increase to $37,750 per day.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 7</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z6404364b61f44c2f970c0544d7e5ea07" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-style: italic;">(7)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif; font-style: italic;">On February 9, 2021 we announced that we had contracted to purchase seven ships. Four of these vessels (GSL Dorothea, GSL Arcadia, GSL Violetta, and GSL Maria) have
                  been delivered. The remaining three are scheduled for delivery in 2Q &amp; 3Q 2021. Contract cover for each vessel is for a firm period of at least three years from the date each vessel is delivered, with charterers holding a one-year
                  extension option on each charter,&#160; followed by a second option with the period determined by (and terminating prior to) each vessel&#8217;s 25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> year dry-docking
                  &amp; special survey. During the firm periods of cover the seven charters are expected to generate aggregate annualized Adjusted EBITDA of approximately $29.0 million. All seven ships will be chartered to Maersk, with the completion of
                  short charters to Wan Hai and ONE on two ships (GSL Maria and GSL Violetta).</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" id="z6edd916b1e0045e1b92e8c3bc7e75d8a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-style: italic;">(8)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif; font-style: italic;">Tasman. 12-month extension at charterer&#8217;s option callable in 2Q2022, at an increased rate of $20,000 per day.</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" id="z2ba29f26f26341fcbb6aafc5a15c62e6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-style: italic;">(9)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif; font-style: italic;">A package agreement with ZIM, for direct charter extensions on two 5,900 TEU ships: Ian H, at a rate of $32,500 per day from May 2021 to 3Q2024, and ZIM Europe
                  (formerly Dimitris Y), at a rate of $24,250 per day, from May 2022 to median expiry of the charter in 2Q2024.</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" id="zc1127ba1275e41c782e5e98cd996538b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-style: italic;">(10)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif; font-style: italic;">Orca I. Chartered at $10,000 per day through April 2021, at which time the rate will increase to $21,000 per day through to the median expiry of the charter in 3Q2024;
                  thereafter the charterer has the option to charter the vessel for a further 12-14 months at the same rate.</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" id="z1fccf6be705347589b089996c1f86409" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-style: italic;">(11)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif; font-style: italic;">Athena. Chartered to MSC at a rate of $9,000 per day through April 2021, at which time the vessel will be drydocked. Thereafter to be chartered to Hapag-Lloyd at
                  $21,500 per day.</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" id="zb39a4f4885204d36aa74a34ce103c73f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-style: italic;">(12)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif; font-style: italic;">Newyorker. To be drydocked in 2Q2021; thereafter to be chartered to CMA CGM at $20,700 per day.</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" id="z114a1d9cfd444ce7be8fa9bd66b14c76" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-style: italic;">(13)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif; font-style: italic;">Julie. Chartered to Sea Consortium at a rate of $9,250 per day through May 2021; thereafter extended at a confidential rate and for a confidential term.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 8pt; font-family: 'Times New Roman', serif;">On February 9, 2021 we announced that we had contracted to purchase seven ships. Contract cover for each vessel is for a firm period of at least three years
        from the date each vessel is delivered, with charterers holding&#160; one year extension option thereafter plus another option until three months before their scheduled dry-docking. During the firm periods of cover the charters are expected to generate
        aggregate annualized Adjusted EBITDA of approximately $29.0 million. The vessels and their respective delivery dates are shown in the table below; those vessels delivered by May 9, 2021 are also included in the main fleet table above.</div>
      <table cellspacing="0" cellpadding="0" id="za5690da331bf437690642f32d852251c" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td nowrap="nowrap" style="width: 23.32%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>&#160;</div>
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Vessel&#160;Name</div>
            </td>
            <td style="width: 17.17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold; text-align: center;">Capacity in&#160;TEUs&#160;&#160;&#160;&#160;&#160; <br>
              </div>
            </td>
            <td style="width: 19.84%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">Lightweight (tons)</div>
            </td>
            <td style="width: 19.84%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">Year Built</div>
            </td>
            <td style="width: 19.84%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Actual/Expected Delivery date</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 23.32%; vertical-align: middle;">&#160;</td>
            <td style="width: 8.76%; vertical-align: bottom;">&#160;</td>
            <td style="width: 28.24%; vertical-align: bottom;" colspan="2">&#160;</td>
            <td style="width: 19.84%; vertical-align: bottom;">&#160;</td>
            <td style="width: 19.84%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 23.32%; vertical-align: middle; background-color: rgb(204, 236, 255);">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">GSL Dorothea</div>
            </td>
            <td nowrap="nowrap" style="width: 8.76%; vertical-align: middle; background-color: rgb(204, 236, 255);">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">6,008</div>
            </td>
            <td nowrap="nowrap" style="width: 28.24%; vertical-align: middle; background-color: rgb(204, 236, 255);" colspan="2">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">24,243</div>
            </td>
            <td nowrap="nowrap" style="width: 19.84%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">2001</div>
            </td>
            <td style="width: 19.84%; vertical-align: top; background-color: #CCECFF;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">26/04/2021</div>
            </td>
          </tr>
          <tr>
            <td style="width: 23.32%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">GSL Arcadia</div>
            </td>
            <td nowrap="nowrap" style="width: 8.76%; vertical-align: middle;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">6,008</div>
            </td>
            <td nowrap="nowrap" style="width: 28.24%; vertical-align: middle;" colspan="2">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">24,858</div>
            </td>
            <td nowrap="nowrap" style="width: 19.84%; vertical-align: middle;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">2000</div>
            </td>
            <td style="width: 19.84%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">26/04/2021</div>
            </td>
          </tr>
          <tr>
            <td style="width: 23.32%; vertical-align: middle; background-color: rgb(204, 236, 255);">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">GSL Violetta</div>
            </td>
            <td nowrap="nowrap" style="width: 8.76%; vertical-align: middle; background-color: rgb(204, 236, 255);">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">6,008</div>
            </td>
            <td nowrap="nowrap" style="width: 28.24%; vertical-align: middle; background-color: rgb(204, 236, 255);" colspan="2">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">24,873</div>
            </td>
            <td nowrap="nowrap" style="width: 19.84%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">2000</div>
            </td>
            <td style="width: 19.84%; vertical-align: top; background-color: #CCECFF;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">28/04/2021</div>
            </td>
          </tr>
          <tr>
            <td style="width: 23.32%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">GSL Maria</div>
            </td>
            <td nowrap="nowrap" style="width: 8.76%; vertical-align: middle;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">6,008</div>
            </td>
            <td nowrap="nowrap" style="width: 28.24%; vertical-align: middle;" colspan="2">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">24,414</div>
            </td>
            <td nowrap="nowrap" style="width: 19.84%; vertical-align: middle;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">2001</div>
            </td>
            <td style="width: 19.84%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">28/04/2021</div>
            </td>
          </tr>
          <tr>
            <td style="width: 23.32%; vertical-align: middle; background-color: rgb(204, 236, 255);">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">GSL MYNY</div>
            </td>
            <td nowrap="nowrap" style="width: 8.76%; vertical-align: middle; background-color: rgb(204, 236, 255);">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">6,008</div>
            </td>
            <td nowrap="nowrap" style="width: 28.24%; vertical-align: middle; background-color: rgb(204, 236, 255);" colspan="2">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">24,873</div>
            </td>
            <td nowrap="nowrap" style="width: 19.84%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">2000</div>
            </td>
            <td style="width: 19.84%; vertical-align: top; background-color: #CCECFF;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">3Q21</div>
            </td>
          </tr>
          <tr>
            <td style="width: 23.32%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">GSL Melita</div>
            </td>
            <td nowrap="nowrap" style="width: 8.76%; vertical-align: middle;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">6,008</div>
            </td>
            <td nowrap="nowrap" style="width: 28.24%; vertical-align: middle;" colspan="2">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">24,848</div>
            </td>
            <td nowrap="nowrap" style="width: 19.84%; vertical-align: middle;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">2001</div>
            </td>
            <td style="width: 19.84%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">2Q21</div>
            </td>
          </tr>
          <tr>
            <td style="width: 23.32%; vertical-align: middle; background-color: rgb(204, 236, 255);">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">GSL Tegea</div>
            </td>
            <td nowrap="nowrap" style="width: 8.76%; vertical-align: middle; background-color: rgb(204, 236, 255);">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">6,008</div>
            </td>
            <td nowrap="nowrap" style="width: 28.24%; vertical-align: middle; background-color: rgb(204, 236, 255);" colspan="2">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">24,308</div>
            </td>
            <td nowrap="nowrap" style="width: 19.84%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">2001</div>
            </td>
            <td style="width: 19.84%; vertical-align: top; background-color: #CCECFF;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">2Q21</div>
            </td>
          </tr>
          <tr>
            <td style="width: 23.32%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 8.76%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 28.24%; vertical-align: middle;" colspan="2">&#160;</td>
            <td nowrap="nowrap" style="width: 19.84%; vertical-align: middle;">&#160;</td>
            <td style="width: 19.84%; vertical-align: top;">&#160;</td>
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      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 8</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 8pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Conference Call and Webcast</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Global Ship Lease will hold a conference call to discuss the Company's results for the three months ended March 31, 2021 today, Monday May 10, 2021 at 10:30
        a.m. Eastern Time. There are two ways to access the conference call:</div>
      <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">(1) Dial-in: (877) 445-2556 or (908) 982-4670; Passcode: 2098687</div>
      <div style="text-align: justify; margin-left: 18pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Please dial in at least 10 minutes prior to 10:30 a.m. Eastern Time to ensure a prompt start to the call.</div>
      <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">(2) Live Internet webcast and slide presentation: http://www.globalshiplease.com</div>
      <div style="text-align: justify; margin-right: 9.55pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">If you are unable to participate at this time, a replay of the call will be available through Wednesday, May 26, 2021 at (855)
        859-2056 or (404) 537-3406. Enter the code 2098687 to access the audio replay. The webcast will also be archived on the Company&#8217;s website: <u>http://www.globalshiplease.co</u></div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Annual Report on Form 20-F</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="color: #000000;">The Company&#8217;s Annual Report for 2020 was filed with the Securities and Exchange Commission (the &#8220;Commission&#8221;) on March 19,
          2021. A copy of the report can be found under the Investor Relations section (Annual Reports) of the Company&#8217;s website at </font>http://www.globalshiplease.com<font style="color: #000000;"> or on the Commission&#8217;s website at www.sec.gov.&#160; </font>Shareholders
        may request a hard copy of the audited financial statements free of charge by contacting the Company at info@globalshiplease.com or by writing to Global Ship Lease, Inc, care of Global Ship Lease Services Limited, 25 Wilton Road<font style="color: #000000;">, London SW1V ILW.</font></div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">About Global Ship Lease</div>
      <div>
        <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Global Ship Lease is a leading independent owner of containerships with a diversified fleet of mid-sized and smaller containerships. Incorporated in the
          Marshall Islands, Global Ship Lease commenced operations in December 2007 with a business of owning and chartering out containerships under fixed-rate charters to top tier container liner companies. On November 15, 2018, it completed a strategic
          combination with Poseidon Containers.</div>
        <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Global Ship Lease&#160;owns 47 containerships and has contracted to purchase a further three ships, ranging from 2,207 to 11,040 TEU, with a total capacity
          (when fully delivered) of 287,336 TEU. 32 ships are Post-Panamax, of which nine are fuel-efficient new-design wide-beam.</div>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Adjusted to include all charters agreed, and ships acquired or divested, up to&#160;May 9, 2021, the average remaining term of the Company&#8217;s charters as at&#160;March
        31, 2021, to the mid-point of redelivery, including options under the Company&#8217;s control, was 2.6 years on a TEU-weighted basis. Contracted revenue on the same basis was&#160;$984.3 million. Contracted revenue was&#160;$1,134.9 million, including options
        under charterers&#8217; control and with latest redelivery date, representing a weighted average remaining term of 3.1 years.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 9</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Reconciliation of Non-U.S. GAAP Financial Measures</div>
      <table cellspacing="0" cellpadding="0" id="z698a1af188984085a911421190a124a3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">A.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif;">Adjusted EBITDA</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Adjusted EBITDA represents net income before interest income and expense, earnings allocated to preferred shares, income taxes, depreciation and
        amortization of drydocking costs, gains or losses on the sale of vessels, share based compensation and impairment losses.&#160; Adjusted EBITDA is a non-U.S. GAAP quantitative measure used to assist in the assessment of the Company's ability to generate
        cash from its operations.&#160; We believe that the presentation of Adjusted EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry.
        Adjusted EBITDA is not defined in U.S. GAAP and should not be considered to be an alternative to net income or any other financial metric required by such accounting principles. Our use of Adjusted EBITDA may vary from the use of similarly titled
        measures by others in our industry.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Adjusted EBITDA is presented herein both on a historic basis and on a forward-looking basis in certain instances. We have not provided a reconciliation of
        such forward&#160;looking&#160;non-U.S.&#160;GAAP&#160;financial measure to the most directly comparable U.S. GAAP measure because such U.S.&#160;GAAP financial measure on a forward-looking basis is not available to us without unreasonable effort.</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif;">ADJUSTED EBITDA - UNAUDITED</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic;">(thousands of U.S. dollars)</div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zc7a1aeb3ae614b7e92ae18678e0e6179">

          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 66%;" colspan="1">&#160;&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">Three</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">Three</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 66%;" colspan="1">&#160;&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">months</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">months</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 66%;" colspan="1">&#160;&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">ended</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">ended</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 66%;" colspan="1">&#160;&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">March 31,</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">March 31,</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 10%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 66%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman', serif;"> 2021</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">2020</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 66%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">
              <div style="font-family: 'Times New Roman', serif;">Net income available to Common Shareholders</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">4,159</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">621</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 66%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: rgb(204, 238, 255);" rowspan="1">
              <div style="font-family: 'Times New Roman', serif;">Adjust:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
              </div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 66%; background-color: rgb(204, 238, 255);" rowspan="1">Depreciation and amortization</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">12,383</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">11,548</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%;">
              <div style="font-family: 'Times New Roman',serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
              </div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 66%;">Impairment charges</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">7,585</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman',serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
              </div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 66%; background-color: rgb(204, 238, 255);">Interest income</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(243</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(638</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%;">
              <div style="font-family: 'Times New Roman',serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
              </div>
            </td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">25,256</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">19,555</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman',serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">1,704</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">429</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%;">
              <div style="font-family: 'Times New Roman',serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 66%;">Earnings allocated to preferred shares</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">1,484</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">879</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 66%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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          <tr>
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              <div style="font-family: 'Times New Roman', serif;">Adjusted EBITDA</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">44,743</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">39,979</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
          </tr>

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        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 10</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z581be32c76974728a6afbd2c15e28cde" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">B.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif;">Normalized net income</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Normalized net income represents net income available to common shareholders adjusted for impairment charges, the premium paid on redemption of our 2022
        Notes together with the related accelerated amortization of deferred financing costs and original issue discount, accelerated stock based compensation expense due to vesting and new awards of fully vested incentive shares and gains/losses on sale
        of vessels. Normalized net income is a non-U.S. GAAP quantitative measure which we believe will assist investors and analysts who often adjust reported net income for items that do not affect operating performance or operating cash generated.
        Normalized net income is not defined in U.S. GAAP and should not be considered to be an alternate to net income or any other financial metric required by such accounting principles.&#160; Our use of Normalized net income may vary from the use of
        similarly titled measures by others in our industry.</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif;">NORMALIZED NET INCOME</div>
      <div style="font-family: 'Times New Roman', serif; font-style: italic;">(thousands of U.S. dollars)</div>
      <div><br>
      </div>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 66%;">&#160;&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">Three</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">Three</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 66%;">&#160;&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">months</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">months</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 66%;">&#160;&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">ended</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">ended</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 66%;">&#160;&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">March 31,</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">March 31,</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 10%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 66%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman', serif;"> 2021</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">2020</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 66%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">
              <div style="font-family: 'Times New Roman', serif;">Net income available to Common Shareholders</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">4,159</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">621</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 66%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: rgb(204, 238, 255);" rowspan="1">
              <div style="font-family: 'Times New Roman', serif;">Adjust:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
              </div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 66%; background-color: rgb(204, 238, 255);" rowspan="1">Impairment charges</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">7,585</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%;">
              <div style="font-family: 'Times New Roman',serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; <br>
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            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 66%;">Premium paid on redemption of 2022 Notes</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">5,764</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">2,271</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman',serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
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            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 66%; background-color: rgb(204, 238, 255);">Accelerated write off of deferred financing charges related to redemption of 2022 Notes</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">3,745</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%;">
              <div style="font-family: 'Times New Roman',serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 66%;">Accelerated write off of original issue discount related to redemption of 2022 Notes</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">1,133</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman',serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
              </div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 66%; background-color: rgb(204, 238, 255);">Accelerated stock based compensation expense due to vesting and new awards of fully vested incentive shares</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">1,346</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%;">
              <div style="font-family: 'Times New Roman',serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 66%;">Prepayment fee on partial repayment of Blue Ocean Credit Facility</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">1,618</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 66%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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          <tr>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">17,765</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">10,477</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
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      <div style="margin-right: 5.05pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Safe Harbor Statement</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">This communication contains forward-looking statements. Forward-looking statements provide Global Ship Lease's current expectations or forecasts of future
        events. Forward-looking statements include statements about Global Ship Lease's expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. Words or phrases such as "anticipate," "believe,"
        "continue," "estimate," "expect," "intend," "may," "ongoing," "plan," "potential," "predict," &#8220;should,&#8221; "project," "will" or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the
        absence of these words does not necessarily mean that a statement is not forward-looking. These forward-looking statements are based on assumptions that may be incorrect, and Global Ship Lease cannot assure you that these projections included in
        these forward-looking statements will come to pass. Actual results could differ materially from those expressed or implied by the forward-looking statements as a result of various factors.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The risks and uncertainties include, but are not limited to:</div>
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            <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">&#8226;</td>
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              <div style="font-family: 'Times New Roman', serif;">expectations regarding the future growth of the container shipping industry, including the rates of annual demand and supply growth;</div>
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          </tr>

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      <table cellspacing="0" cellpadding="0" id="z1dbda07032b5489cb6498c5e17f8abc8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

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            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">&#8226;</td>
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              <div style="font-family: 'Times New Roman', serif;">the length and severity of the ongoing outbreak of the novel coronavirus (COVID-19) around the world and governmental responses thereto;</div>
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            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">&#8226;</td>
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              <div style="font-family: 'Times New Roman', serif;">the financial condition of our charterers, particularly CMA CGM, our principal charterer and main source of operating revenue, and their ability to pay charterhire in accordance with the
                charters;</div>
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          </tr>

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            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">&#8226;</td>
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              <div style="font-family: 'Times New Roman', serif;">Global Ship Lease&#8217;s financial condition and liquidity, including its level of indebtedness or ability to obtain additional financing to fund capital expenditures, ship acquisitions and other
                general corporate purposes;</div>
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            <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">&#8226;</td>
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              <div style="font-family: 'Times New Roman', serif;">Global Ship Lease&#8217;s ability to meet its financial covenants and repay its credit facilities;</div>
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      <table cellspacing="0" cellpadding="0" id="zeb564920d27a422cb814f95cc7164e54" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

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            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">Global Ship Lease&#8217;s expectations relating to dividend payments and forecasts of its ability to make such payments including the availability of cash and the impact of constraints under its
                credit facilities;</div>
            </td>
          </tr>

      </table>
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            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">risks relating to the acquisition of Poseidon Containers and Global Ship Lease&#8217;s ability to realize the anticipated benefits of the acquisition;</div>
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          </tr>

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      <table cellspacing="0" cellpadding="0" id="z406d2527a8614ad6b613c3e3162eb7a4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">&#8226;</td>
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              <div style="font-family: 'Times New Roman', serif;">future acquisitions, business strategy and expected capital spending;</div>
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      <table cellspacing="0" cellpadding="0" id="z9f316afea3a94b55a9867d3f79844a12" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">&#8226;</td>
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              <div style="font-family: 'Times New Roman', serif;">operating expenses, availability of crew, number of off-hire days, drydocking and survey requirements and insurance costs;</div>
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            <td style="width: 36pt;"><br>
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            <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">&#8226;</td>
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              <div style="font-family: 'Times New Roman', serif;">general market conditions and shipping industry trends, including charter rates and factors affecting supply and demand;</div>
            </td>
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          <tr>
            <td style="width: 36pt;"><br>
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            <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">&#8226;</td>
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              <div style="font-family: 'Times New Roman', serif;">assumptions regarding interest rates and inflation;</div>
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          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">&#8226;</td>
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              <div style="font-family: 'Times New Roman', serif;">changes in the rate of growth of global and various regional economies;</div>
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      <table cellspacing="0" cellpadding="0" id="zc6bb2e6377f64f3a82781368198d06bf" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

          <tr>
            <td style="width: 36pt;"><br>
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            <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">&#8226;</td>
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              <div style="font-family: 'Times New Roman', serif;">risks incidental to ship operation, including piracy, discharge of pollutants and ship accidents and damage including total or constructive total loss;</div>
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          </tr>

      </table>
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          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">&#8226;</td>
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              <div style="font-family: 'Times New Roman', serif;">estimated future capital expenditures needed to preserve its capital base;</div>
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          </tr>

      </table>
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          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">&#8226;</td>
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              <div style="font-family: 'Times New Roman', serif;">Global Ship Lease&#8217;s expectations about the availability of ships to purchase, the time that it may take to construct new ships, or the useful lives of its ships;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z291edbed4acf4cef84d15cf3ae57d21d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

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            <td style="width: 36pt;"><br>
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            <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">&#8226;</td>
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              <div style="font-family: 'Times New Roman', serif;">Global Ship Lease&#8217;s continued ability to enter into or renew long-term, fixed-rate charters or other ship employment arrangements;</div>
            </td>
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        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 12</font></div>
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      <div style="margin-bottom: 6pt;"><br>
      </div>
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            <td style="width: 36pt;"><br>
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            <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">&#8226;</td>
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              <div style="font-family: 'Times New Roman', serif;">the continued performance of existing long-term, fixed-rate time charters;</div>
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          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">Global Ship Lease&#8217;s ability to capitalize on its management&#8217;s and board of directors&#8217; relationships and reputations in the containership industry to its advantage;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="zc270e163560a46ffb2b3bdb9e1165226" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">changes in governmental and classification societies&#8217; rules and regulations or actions taken by regulatory authorities;</div>
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          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="za4782e54d7bc4c75bdd06ad9da02d989" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">expectations about the availability of insurance on commercially reasonable terms;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="zeebdf37c216f446090223e85d6cceaba" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">&#8226;</td>
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              <div style="font-family: 'Times New Roman', serif;">unanticipated changes in laws and regulations including taxation;</div>
            </td>
          </tr>

      </table>
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          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">potential liability from future litigation.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause
        actual results to differ materially from those expected or implied by the forward-looking statements. Global Ship Lease's actual results could differ materially from those anticipated in forward-looking statements for many reasons specifically as
        described in Global Ship Lease's filings with the U.S Securities and Exchange Commission (the &#8220;SEC&#8221;).&#160; Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this communication.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Global Ship Lease undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this
        communication or to reflect the occurrence of unanticipated events. You should, however, review the factors and risks Global Ship Lease describes in the reports it will file from time to time with the SEC after the date of this communication.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 13</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Global Ship Lease, Inc.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Interim Unaudited Consolidated</font>&#160;<font style="font-weight: bold;">Balance Sheets</font></div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">(Expressed in thousands of U.S. dollars)</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z41d09ebace8d4b4787d58f0ba04d64ce">

          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">March 31, 2021</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">December 31, 2020</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">ASSETS</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">CURRENT ASSETS</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Cash and cash equivalents</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">142,209</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">80,757</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Restricted cash</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">6,859</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">825</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Accounts receivable, net</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">2,236</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">2,532</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Inventories</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">5,979</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">6,316</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Prepaid expenses and other current assets</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">10,872</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">6,711</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Due from related parties</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">2,739</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">1,472</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Total current assets</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">170,894</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">98,613</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">NON - CURRENT ASSETS</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Vessels in operation</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">1,130,840</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">1,140,583</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Advances for vessels acquisitions and other additions</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">1,197</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">1,364</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Deferred charges, net</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">22,180</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">22,951</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Restricted cash, net of current portion</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">13,607</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">10,680</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Total non - current assets</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">1,167,824</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">1,175,578</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 4px;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">TOTAL ASSETS</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">1,338,718</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">1,274,191</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">LIABILITIES AND SHAREHOLDERS' EQUITY</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">CURRENT LIABILITIES</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Accounts payable</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">10,545</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">10,557</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Accrued liabilities</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">11,261</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">19,127</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Current portion of long-term debt and deferred financing costs</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">73,482</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">76,681</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Deferred revenue</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">5,671</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">5,623</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Due to related parties</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">257</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">225</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Total current liabilities</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">101,216</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">112,213</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">LONG-TERM LIABILITIES</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Long - term debt, net of current portion and deferred financing costs</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">684,484</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">692,775</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Intangible liability-charter agreements</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">3,960</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">4,462</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Total non - current liabilities</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">688,444</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">697,237</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Total liabilities</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">789,660</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">809,450</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Commitments and Contingencies</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">SHAREHOLDERS' EQUITY</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Class A common shares - authorized<br>
                214,000,000 shares with a $0.01 par value<br>
                36,283,468 shares issued and outstanding (2020 &#8211; 17,741,008 shares)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">362</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">177</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Series B Preferred Shares - authorized<br>
                44,000 shares with a $0.01 par value<br>
                27,178 shares issued and outstanding (2019 &#8211; 22,822 shares)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Series C Preferred Shares - authorized<br>
                250,000 shares with a $0.01 par value<br>
                Nil shares issued and outstanding (2020 - 250,000 shares)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">3</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Additional paid in capital</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">666,331</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">586,355</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Accumulated deficit</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(117,635</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(121,794</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Total shareholders' equity</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">549,058</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">464,741</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 4px;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">1,338,718</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">1,274,191</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 14</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Global Ship Lease, Inc.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Interim Unaudited Consolidated</font>&#160;<font style="font-weight: bold;">Statements of Operations</font></div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">(Expressed in thousands of U.S. dollars except share data)</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zf4f24ae4fef948ecbf1cf3ee95945e8b">

          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="6">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Three months ended March 31,</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;"> 2021</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">2020</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">OPERATING REVENUES</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Time charter revenue (includes related party revenues of $32,195 and $37,676 for each of the three-month periods ended March 31, 2021 and 2020, respectively)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">72,980</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">70,947</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">OPERATING EXPENSES:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Vessel operating expenses (includes related party vessel operating expenses of $3,290 and $3,037 for each of the three-month periods ended March 31, 2021 and 2020,
                respectively)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">24,286</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">25,512</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Time charter and voyage expenses (includes related party brokerage commissions of $689 and $610 for each of the three-month periods ended March 31, 2021 and 2020,
                respectively)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">1,765</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">3,469</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Depreciation and amortization</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">12,383</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">11,548</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Impairment of vessels</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">4,274</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">2,437</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">30,272</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">20,396</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">&#160;</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">NON-OPERATING INCOME/(EXPENSES)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Interest income</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">243</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">648</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Interest and other finance expenses (including Notes premium)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(25,256</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(19,555</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
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          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
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            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">384</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">21</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Total non-operating expenses</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">(24,629</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">(18,896</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
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          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Income before income taxes</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">5,643</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">1,500</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Income taxes</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Net Income</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">5,643</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">1,500</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Earnings allocated to Series B Preferred Shares</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(1,484</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(879</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 4px;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Net Income available to Common Shareholders</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">4,159</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">621</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
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        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 15</font></div>
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      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Global Ship Lease, Inc.</div>
      <div><br>
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      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Interim Unaudited Consolidated Statements of Cash Flows</div>
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      <div style="text-align: center; font-family: 'Times New Roman', serif;">(Expressed in thousands of U.S. dollars)</div>
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      </div>
      <div><br>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="6">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Three months ended March 31,</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;"> 2021</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;"> 2020</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Cash flows from operating activities:</div>
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            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Net income</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">5,643</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">1,500</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Adjustments to reconcile net income to net cash provided by operating activities:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Depreciation and amortization</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">12,383</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">11,548</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Impairment of vessels</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">7,585</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Amortization of deferred financing costs</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">4,406</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">927</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Amortization of original issue discount/premium on repurchase of notes</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">7,044</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">2,139</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Amortization of intangible liability/asset-charter agreements</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(502</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">479</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Share based compensation</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">1,704</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">429</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Changes in operating assets and liabilities:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Increase in accounts receivable and other assets</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(3,865</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(208</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Decrease/(increase) in inventories</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">337</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(396</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(Decrease)/increase in accounts payable and other liabilities</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(6,066</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">6,595</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Increase in related parties' balances, net</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(1,235</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(1,934</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Decrease/(increase) in deferred revenue</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">48</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(3,309</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Net cash provided by operating activities</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">19,897</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">25,355</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Cash flows from investing activities:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Acquisition of vessels</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(23,060</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Cash paid for vessel expenditure</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(1,905</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(1,108</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Advances for vessel acquisitions and other additions</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(248</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(200</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Cash paid for drydockings</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(1,587</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(4,072</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Net cash used in investing activities</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">(3,740</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">(28,440</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Cash flows from financing activities:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Proceeds from issuance of 2024 Notes</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">15,096</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">19,193</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Repurchase of 2022 Notes, including premium</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(239,183</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(57,197</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Proceeds from drawdown of credit facilities</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">236,200</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">47,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Repayment of credit facilities</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(30,817</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(13,452</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Repayment of refinanced debt</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(44,366</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Deferred financing costs paid</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(4,236</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(880</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Proceeds from offering of Class A common shares, net of offering costs</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">67,984</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(39</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Proceeds from offering of Series B preferred shares, net of offering costs</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">10,696</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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              <div style="color: #000000; font-family: 'Times New Roman', serif;">Series B Preferred Shares-dividends paid</div>
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              <div style="color: #000000; font-family: 'Times New Roman', serif;">(1,484</div>
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              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
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              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
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              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">54,256</div>
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              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">(46,817</div>
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              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
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              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Increase/(decrease) in cash and cash equivalents and restricted cash</div>
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              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">70,413</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">(49,902</div>
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              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Cash and cash equivalents and restricted cash at beginning of the period</div>
            </td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">92,262</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">147,636</div>
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            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Cash and cash equivalents and restricted cash at end of the period</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
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              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">162,675</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">97,734</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Supplementary Cash Flow Information:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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          <tr>
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            </td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">14,469</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">11,189</div>
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            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Unpaid drydocking expenses</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">949</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">2,037</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Unpaid vessel additions</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">2,461</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">3,436</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Non-cash financing activities:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Unpaid offering costs</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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              <div style="color: #000000; font-family: 'Times New Roman', serif;">226</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 16</font></div>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>d8852391_ex99-2.htm
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.2</font><br>
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  <div><br>
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    <div><br>
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      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">GLOBAL SHIP LEASE, INC.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">PERIOD ENDED MARCH 31, 2021</div>
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      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">GLOBAL SHIP LEASE, INC.</div>
      <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

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              <div>
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              <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;&#160;</div>
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              <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Page</div>
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              <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
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            <td style="width: 85.08%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">INTERIM UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS AS AT MARCH&#160;31, 2021 AND DECEMBER&#160;31, 2020</div>
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              <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;&#160;</div>
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              <div style="text-align: center; font-family: 'Times New Roman',serif;">F-1</div>
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              <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
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          <tr>
            <td style="width: 85.08%; vertical-align: top;">&#160;</td>
            <td style="width: 3.76%; vertical-align: top;">&#160;</td>
            <td style="width: 7.91%; vertical-align: top; text-align: center;">&#160;</td>
            <td style="width: 3.18%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 85.08%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH&#160;31, 2021 AND 2020</div>
            </td>
            <td style="width: 3.76%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;&#160;</div>
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            <td style="width: 7.91%; vertical-align: top;">
              <div style="text-align: center; font-family: 'Times New Roman',serif;">F-2</div>
            </td>
            <td style="width: 3.18%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 85.08%; vertical-align: top;">&#160;</td>
            <td style="width: 3.76%; vertical-align: top;">&#160;</td>
            <td style="width: 7.91%; vertical-align: top; text-align: center;">&#160;</td>
            <td style="width: 3.18%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 85.08%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH&#160;31, 2021 AND 2020</div>
            </td>
            <td style="width: 3.76%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;&#160;</div>
            </td>
            <td style="width: 7.91%; vertical-align: top;">
              <div style="text-align: center; font-family: 'Times New Roman',serif;">F-3</div>
            </td>
            <td style="width: 3.18%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
            </td>
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          <tr>
            <td style="width: 85.08%; vertical-align: top;">&#160;</td>
            <td style="width: 3.76%; vertical-align: top;">&#160;</td>
            <td style="width: 7.91%; vertical-align: top; text-align: center;">&#160;</td>
            <td style="width: 3.18%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 85.08%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS&#8217;<font style="font-weight: bold;">&#160;</font>EQUITY FOR THE THREE MONTHS ENDED MARCH&#160;31, 2021 AND 2020</div>
            </td>
            <td style="width: 3.76%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;&#160;</div>
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            <td style="width: 7.91%; vertical-align: top;">
              <div style="text-align: center; font-family: 'Times New Roman',serif;">F-4</div>
            </td>
            <td style="width: 3.18%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 85.08%; vertical-align: top;">&#160;</td>
            <td style="width: 3.76%; vertical-align: top;">&#160;</td>
            <td style="width: 7.91%; vertical-align: top; text-align: center;">&#160;</td>
            <td style="width: 3.18%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 85.08%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>
            </td>
            <td style="width: 3.76%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;&#160;</div>
            </td>
            <td style="width: 7.91%; vertical-align: top;">
              <div style="text-align: center; font-family: 'Times New Roman',serif;">&#160;F-5</div>
            </td>
            <td style="width: 3.18%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
            </td>
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      <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Global Ship Lease, Inc.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Interim Unaudited Condensed Consolidated</font>&#160;<font style="font-weight: bold;">Balance Sheets</font></div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">(Expressed in thousands of U.S. dollars except share data)</div>
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      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="6" rowspan="1">
              <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">As of</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
              <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;"> Note</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman', serif; font-weight: bold;">March 31,</div>
              <div style="text-align: right; font-family: 'Times New Roman', serif; font-weight: bold;">2021</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman', serif; font-weight: bold;">December 31,</div>
              <div style="text-align: right; font-family: 'Times New Roman', serif; font-weight: bold;">2020</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">ASSETS</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">CURRENT ASSETS</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Cash and cash equivalents</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">142,209</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">80,757</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Restricted cash</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">6,859</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">825</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Accounts receivable, net</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">2,236</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">2,532</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Inventories</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">5,979</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">6,316</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Prepaid expenses and other current assets</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">10,872</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">6,711</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; padding-bottom: 2px;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Due from related parties</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; padding-bottom: 2px;" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">5</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">2,739</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">1,472</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">Total current assets</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">170,894</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">98,613</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">NON - CURRENT ASSETS</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Vessels in operation</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">3</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">1,130,840</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">1,140,583</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Advances for vessels acquisitions and other additions</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">3</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">1,197</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">1,364</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Deferred charges, net</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">22,180</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">22,951</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; padding-bottom: 2px;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Restricted cash, net of current portion</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">13,607</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">10,680</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; background-color: rgb(204, 238, 255);" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; padding-bottom: 2px;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">Total non - current assets</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">1,167,824</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">1,175,578</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">TOTAL ASSETS</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">1,338,718</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">1,274,191</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64.66%;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">LIABILITIES AND SHAREHOLDERS' EQUITY</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">CURRENT LIABILITIES</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Accounts payable</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">10,545</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">10,557</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Accrued liabilities</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">11,261</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">19,127</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Current portion of long - term debt</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">4</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">73,482</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">76,681</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Deferred revenue</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">5,671</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">5,623</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; padding-bottom: 2px;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Due to related parties</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; padding-bottom: 2px;" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">5</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">257</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">225</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">Total current liabilities</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">101,216</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">112,213</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64.66%;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">LONG - TERM LIABILITIES</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Long - term debt, net of current portion and deferred financing costs</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">4</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">684,484</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">692,775</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; padding-bottom: 2px;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Intangible liabilities - charter agreements</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">3,960</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">4,462</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">Total non - current liabilities</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">688,444</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">697,237</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; padding-bottom: 2px;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">Total liabilities</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">789,660</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">809,450</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">Commitments and Contingencies</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">6</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 64.66%;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">SHAREHOLDERS' EQUITY</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 64.66%; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Class A common shares - authorized</div>
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">214,000,000 shares with a $0.01 par value</div>
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">36,283,468 shares issued and outstanding (2020 &#8211; 17,741,008 shares)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">7</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">362</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">177</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 64.66%;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Series B Preferred Shares - authorized</div>
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">44,000 shares with a $0.01 par value</div>
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">27,178 shares issued and outstanding (2020 &#8211; 22,822 shares)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">7</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 64.66%; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Series C Preferred Shares - authorized</div>
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">250,000 shares with a $0.01 par value</div>
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Nil shares issued and outstanding (2020 - 250,000 shares)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">7</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">3</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 64.66%;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Additional paid in capital</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">666,331</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">586,355</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Accumulated deficit</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(117,635</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(121,794</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 64.66%; padding-bottom: 2px;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">Total shareholders' equity</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">549,058</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">464,741</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64.66%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">1,338,718</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">1,274,191</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">See accompanying notes to interim unaudited condensed consolidated financial statements</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-1</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Global Ship Lease, Inc.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Interim Unaudited Condensed Consolidated</font>&#160;<font style="font-weight: bold;">Statements of Operations</font></div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">(Expressed in thousands of U.S. dollars except share data)</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="6">
              <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Three months ended</div>
              <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">March 31,</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;">
              <div>&#160;</div>
              <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Note</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;"> 2021</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;"> 2020</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">OPERATING REVENUES</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif;">Time charter revenues (include related party revenues of $32,195 and $37,676 for each of the periods ended March 31, 2021 and 2020, respectively)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">72,980</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">70,947</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">OPERATING EXPENSES</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
              <div style="font-family: 'Times New Roman', serif;">Vessels operating expenses (include related party vessels operating expenses of $3,290 and $3,037 for each of the periods ended March 31, 2021 and 2020, respectively)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">24,286</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">25,512</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif;">Time charter and voyage expenses (include related party time charter and voyage expenses of $689 and $610 for each of the periods ended March 31, 2021 and 2020, respectively)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">1,765</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">3,469</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%;">
              <div style="font-family: 'Times New Roman', serif;">Depreciation and amortization</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">3</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">12,383</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">11,548</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif;">Impairment of vessels</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">3</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">7,585</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; padding-bottom: 2px;">
              <div style="font-family: 'Times New Roman', serif;">General and administrative expenses</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">4,274</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">2,437</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 64.66%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Operating Income</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">30,272</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">20,396</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 64.66%;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 64.66%; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">NON-OPERATING INCOME/(EXPENSES)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%;">
              <div style="font-family: 'Times New Roman', serif;">Interest income</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">243</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">638</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif;">Interest and other finance expenses (include of $5,764 and $2,271 Notes premium for each of the three months ended March 31, 2021 and 2020, respectively)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(25,256</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(19,555</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; padding-bottom: 2px;">
              <div style="font-family: 'Times New Roman', serif;">Other income, net</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">384</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">21</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 64.66%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Total non-operating expenses</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">(24,629</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">(18,896</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 64.66%;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Income before income taxes</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">5,643</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">1,500</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif;">Income taxes</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 64.66%; padding-bottom: 2px;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Net Income</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">5,643</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">1,500</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif;">Earnings allocated to Series B Preferred Shares</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">7</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(1,484</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(879</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 64.66%;" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%;" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 64.66%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Net Income available to Common Shareholders</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">4,159</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">621</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64.66%;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Earnings per Share</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64.66%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 64.66%;">
              <div style="font-family: 'Times New Roman', serif;">Weighted average number of Class A common shares outstanding</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif;">Basic</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">9</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">31,965,287</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">17,556,738</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%;">
              <div style="font-family: 'Times New Roman', serif;">Diluted</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">9</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">32,019,281</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">17,560,639</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: 30pt; font-family: 'Times New Roman', serif;">&#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 64.66%;">
              <div style="font-family: 'Times New Roman', serif;">Net Earnings per Class A common share</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif;">Basic</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">9</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">0.13</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">0.02</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%;">
              <div style="font-family: 'Times New Roman', serif;">Diluted</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">9</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">0.13</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">0.02</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">See accompanying notes to interim unaudited condensed consolidated financial statements</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-2</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Global Ship Lease, Inc.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Interim Unaudited Condensed Consolidated Statements of Cash Flows</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">(Expressed in thousands of U.S. dollars except share data)</div>
      <div><br>
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      <div><br>
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      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="6">
              <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Three months ended</div>
              <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">March 31,</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;">
              <div>&#160;</div>
              <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Note</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;"> 2021</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;"> 2020</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Cash flows from operating activities:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif;">Net Income</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">5,643</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">1,500</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Adjustments to reconcile net income to net cash provided by operating activities:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif;">Depreciation and amortization</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">12,383</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">11,548</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%;">
              <div style="font-family: 'Times New Roman', serif;">Impairment of vessels</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">3</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">7,585</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif;">Amortization of deferred financing costs</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">4</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">4,406</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">927</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%;">
              <div style="font-family: 'Times New Roman', serif;">Amortization of original issue discount/premium on repurchase of notes</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">7,044</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">2,139</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif;">Amortization of intangible liabilities/assets - charter agreements</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(502</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">479</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%;">
              <div style="font-family: 'Times New Roman', serif;">Share based compensation</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">8</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">1,704</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">429</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 64.66%; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Changes in operating assets and liabilities:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%;">
              <div style="font-family: 'Times New Roman', serif;">Increase in accounts receivable and other assets</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(3,865</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(208</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif;">Decrease/(increase) in inventories</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">337</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(396</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%;">
              <div style="font-family: 'Times New Roman', serif;">(Decrease)/increase in accounts payable and other liabilities</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(6,066</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">6,595</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif;">Decrease in related parties' balances, net</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">5</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(1,235</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(1,934</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; padding-bottom: 2px;">
              <div style="font-family: 'Times New Roman', serif;">Increase/(decrease) in deferred revenue</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">48</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(3,309</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; background-color: rgb(204, 238, 255);" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 64.66%; padding-bottom: 2px;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Net cash provided by operating activities</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">19,897</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">25,355</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 64.66%; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Cash flows from investing activities:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%;">
              <div style="font-family: 'Times New Roman', serif;">Acquisition of vessels</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(23,060</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif;">Cash paid for vessel expenditures</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(1,905</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(1,108</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%;">
              <div style="font-family: 'Times New Roman', serif;">Advances for vessel acquisitions and other additions</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(248</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(200</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif;">Cash paid for drydockings</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(1,587</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(4,072</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%;" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%;" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 64.66%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Net cash used in investing activities</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">(3,740</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">(28,440</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 64.66%;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Cash flows from financing activities:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif;">Proceeds from issuance of 2024 Notes</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">15,096</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">19,193</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%;">
              <div style="font-family: 'Times New Roman', serif;">Repurchase of 2022 Notes, including premium</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(239,183</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(57,197</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif;">Proceeds from drawdown of credit facilities</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">236,200</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">47,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%;">
              <div style="font-family: 'Times New Roman', serif;">Repayment of credit facilities</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(30,817</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(13,452</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 64.66%; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif;">Repayment of refinanced debt</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(44,366</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 64.66%;">
              <div style="font-family: 'Times New Roman', serif;">Deferred financing costs paid</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(4,236</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(880</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif;">Proceeds from offering of Class A common shares, net of offering costs</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">67,984</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(39</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%;">
              <div style="font-family: 'Times New Roman', serif;">Proceeds from offering of Series B preferred shares, net of offering costs</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">7</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">10,696</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">3,803</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="font-family: 'Times New Roman', serif;">Series B Preferred Shares - dividends paid</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(1,484</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(879</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%;" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%;" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 64.66%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Net cash provided by/(used in) financing activities</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">54,256</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">(46,817</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 64.66%; padding-bottom: 2px;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Net increase/(decrease) in cash and cash equivalents and restricted cash</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">70,413</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">(49,902</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 64.66%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif;">Cash and cash equivalents and restricted cash at beginning of the period</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">92,262</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">147,636</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 64.66%; padding-bottom: 2px;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Cash and cash equivalents and restricted cash at end of the period</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">162,675</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">97,734</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 64.66%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 64.66%;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Supplementary Cash Flow Information:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif;">Cash paid for interest</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">14,469</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">11,189</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Non-cash investing activities:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif;">Unpaid drydocking expenses</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">949</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">2,037</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%;">
              <div style="font-family: 'Times New Roman', serif;">Unpaid vessel expenditures</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">2,461</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">3,436</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Non-cash financing activities:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.66%;">
              <div style="font-family: 'Times New Roman', serif;">Unpaid offering costs</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.08%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">226</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.04%;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">See accompanying notes to interim unaudited condensed consolidated financial statements</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-3</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; margin-top: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Global Ship Lease, Inc.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Interim Unaudited Condensed Consolidated Statements of Changes in Shareholders&#8217; Equity</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">(Expressed in thousands of U.S. dollars except share data)</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;&#160;&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Number of Common Shares</div>
              <div style="text-align: center; font-family: 'Times New Roman', serif;">at par value $0.01</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Number of<br>
                Series B</div>
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Preferred Shares</div>
              <div style="text-align: center; font-family: 'Times New Roman', serif;">at par value $0.01</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Number of<br>
                Series C</div>
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Preferred Shares</div>
              <div style="text-align: center; font-family: 'Times New Roman', serif;">at par value $0.01</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Common</div>
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Shares</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Series B</div>
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Preferred Shares</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Series C</div>
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Preferred Shares</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Additional </div>
              <div style="text-align: center; font-family: 'Times New Roman', serif;">paid-in </div>
              <div style="text-align: center; font-family: 'Times New Roman', serif;">capital</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">(Accumulated</div>
              <div style="text-align: center; font-family: 'Times New Roman', serif;"> Deficit)</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Total</div>
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Shareholders' </div>
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Equity</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Balance</div>
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">at December 31, 2019</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">17,556,738</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">14,428</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">250,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">175</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">3</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">565,586</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">(159,362</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">406,402</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%;">
              <div style="font-family: 'Times New Roman', serif;">Issuance of Restricted Stock Units (Note 8)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">429</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">429</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Issuance of Class A common shares, net of offering costs</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(39</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(39</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%;">
              <div style="font-family: 'Times New Roman', serif;">Net Income for the period</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">1,500</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">1,500</div>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Series B Preferred Shares dividend (Note 7)</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(879</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(879</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%; padding-bottom: 2px;">
              <div style="font-family: 'Times New Roman', serif;">Issuance of Series B Preferred shares, net of offering costs</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">1,646</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">4,003</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">4,003</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Balance</div>
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">at March 31, 2020</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">17,556,738</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">16,074</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">250,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">175</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">3</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">569,979</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">(158,741</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">411,416</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Balance</div>
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">at December 31, 2020</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">17,741,008</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">22,822</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">250,000</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">177</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">3</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">586,355</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">(121,794</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">464,741</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Issuance of Restricted Stock Units (Note 8)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">45,313</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">1,704</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">1,704</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%;">
              <div style="font-family: 'Times New Roman', serif;">Issuance of Class A common shares, net of offering costs</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">5,541,959</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">55</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">67,703</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">67,758</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Conversion of Series C Preferred shares to Class A common shares (Note 7)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">12,955,188</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(250,000</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">130</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(3</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(127</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%;">
              <div style="font-family: 'Times New Roman', serif;">Net Income for the period</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">5,643</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">5,643</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Series B Preferred Shares dividend (Note 7)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(1,484</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(1,484</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%; padding-bottom: 2px;">
              <div style="font-family: 'Times New Roman', serif;">Issuance of Series B Preferred Shares, net of offering costs (Note 7)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">4,356</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">10,696</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">10,696</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Balance</div>
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">at March 31, 2021</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">36,283,468</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">27,178</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">362</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">666,331</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">(117,635</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">549,058</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">See accompanying notes to interim unaudited condensed consolidated financial statements</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-4</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; margin-top: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Global Ship Lease, Inc.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Notes to the Interim Unaudited Condensed Consolidated Financial Statements</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">(Expressed in thousands of U.S. dollars except share data)</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Description of Business</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On August 14, 2008, Global Ship Lease, Inc. (the &#8220;Company&#8221;) merged indirectly with Marathon Acquisition Corp., a company then listed on The American Stock
        Exchange, and with the pre-existing Global Ship Lease, Inc. GSL Holdings, Inc. was the surviving entity (the &#8220;Marathon Merger&#8221;), changed its name to Global Ship Lease, Inc. and became listed on The New York Stock Exchange (the &#8220;NYSE&#8221;).</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On November&#160;15, 2018, the Company completed a transformative transaction and acquired Poseidon Containers&#8217; 20 containerships, one of which, the Argos, was
        contracted to be sold, which sale was completed in December 2018, (the &#8220;Poseidon Transaction&#8221;). References herein to the &#8220;GSL Fleet&#8221; are to the 19 vessels that were owned by the Company prior to the consummation of the Poseidon Transaction, and
        references to the &#8220;Poseidon Fleet&#8221; are to the 19 vessels that the Company acquired as a result of the Poseidon Transaction, excluding the Argos.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Company&#8217;s business is to own and charter out containerships to leading liner companies. As of March 31, 2021, the Company owned 43 vessels with average
        age weighted by TEU capacity of 13.9 years.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The following table provides information about the 43 vessels owned as at March 31, 2021.</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 24.16%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Company Name (1)</div>
            </td>
            <td style="width: 10.09%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
              <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Fleet</div>
            </td>
            <td style="width: 16.56%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
              <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Country&#160;of</div>
              <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Incorporation</div>
            </td>
            <td style="width: 17.93%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
              <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Vessel</div>
              <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Name</div>
            </td>
            <td style="width: 10.44%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
              <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Capacity in&#160;TEUs</div>
              <div style="font-family: 'Times New Roman',serif; font-weight: bold;">(2)</div>
            </td>
            <td style="width: 7.47%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
              <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Year</div>
              <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Built</div>
            </td>
            <td style="width: 13.33%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
              <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Earliest Charter</div>
              <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Expiry&#160;Date</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.16%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif;">Global Ship Lease 54 LLC</div>
            </td>
            <td style="width: 10.09%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">GSL</div>
            </td>
            <td style="width: 16.56%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Liberia</div>
            </td>
            <td style="width: 17.93%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">CMA CGM Thalassa</div>
            </td>
            <td nowrap="nowrap" style="width: 10.44%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">11,040</div>
            </td>
            <td nowrap="nowrap" style="width: 7.47%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2008</div>
            </td>
            <td nowrap="nowrap" style="width: 13.33%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">4Q25</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.16%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', serif;">Laertis Marine LLC</div>
            </td>
            <td style="width: 10.09%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Poseidon</div>
            </td>
            <td style="width: 16.56%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Marshall Islands</div>
            </td>
            <td style="width: 17.93%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">UASC Al Khor</div>
            </td>
            <td nowrap="nowrap" style="width: 10.44%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">9,115</div>
            </td>
            <td nowrap="nowrap" style="width: 7.47%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2015</div>
            </td>
            <td nowrap="nowrap" style="width: 13.33%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">1Q22</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.16%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif;">Penelope Marine LLC</div>
            </td>
            <td style="width: 10.09%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Poseidon</div>
            </td>
            <td style="width: 16.56%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Marshall Islands</div>
            </td>
            <td style="width: 17.93%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Maira XL</div>
            </td>
            <td nowrap="nowrap" style="width: 10.44%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">9,115</div>
            </td>
            <td nowrap="nowrap" style="width: 7.47%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2015</div>
            </td>
            <td nowrap="nowrap" style="width: 13.33%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2Q22</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.16%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', serif;">Telemachus Marine LLC</div>
            </td>
            <td style="width: 10.09%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Poseidon</div>
            </td>
            <td style="width: 16.56%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Marshall Islands</div>
            </td>
            <td style="width: 17.93%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Anthea Y</div>
            </td>
            <td nowrap="nowrap" style="width: 10.44%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">9,115</div>
            </td>
            <td nowrap="nowrap" style="width: 7.47%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2015</div>
            </td>
            <td nowrap="nowrap" style="width: 13.33%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">3Q23</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.16%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif;">Global Ship Lease 53 LLC</div>
            </td>
            <td style="width: 10.09%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">GSL</div>
            </td>
            <td style="width: 16.56%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Liberia</div>
            </td>
            <td style="width: 17.93%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">MSC Tianjin</div>
            </td>
            <td nowrap="nowrap" style="width: 10.44%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">8,603</div>
            </td>
            <td nowrap="nowrap" style="width: 7.47%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2005</div>
            </td>
            <td nowrap="nowrap" style="width: 13.33%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2Q24</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.16%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', serif;">Global Ship Lease 52 LLC</div>
            </td>
            <td style="width: 10.09%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">GSL</div>
            </td>
            <td style="width: 16.56%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Liberia</div>
            </td>
            <td style="width: 17.93%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">MSC Qingdao</div>
            </td>
            <td nowrap="nowrap" style="width: 10.44%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">8,603</div>
            </td>
            <td nowrap="nowrap" style="width: 7.47%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2004</div>
            </td>
            <td nowrap="nowrap" style="width: 13.33%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2Q24</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.16%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif;">Global Ship Lease 43 LLC</div>
            </td>
            <td style="width: 10.09%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">GSL</div>
            </td>
            <td style="width: 16.56%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Liberia</div>
            </td>
            <td style="width: 17.93%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">GSL Ningbo</div>
            </td>
            <td nowrap="nowrap" style="width: 10.44%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">8,603</div>
            </td>
            <td nowrap="nowrap" style="width: 7.47%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2004</div>
            </td>
            <td nowrap="nowrap" style="width: 13.33%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">1Q23</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.16%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', serif;">Global Ship Lease 30 Limited</div>
            </td>
            <td style="width: 10.09%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td style="width: 16.56%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Marshall Islands</div>
            </td>
            <td style="width: 17.93%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">GSL Eleni</div>
            </td>
            <td nowrap="nowrap" style="width: 10.44%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">7,847</div>
            </td>
            <td nowrap="nowrap" style="width: 7.47%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2004</div>
            </td>
            <td nowrap="nowrap" style="width: 13.33%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">3Q24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.16%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif;">Global Ship Lease 31 Limited</div>
            </td>
            <td style="width: 10.09%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td style="width: 16.56%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Marshall Islands</div>
            </td>
            <td style="width: 17.93%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">GSL Kalliopi</div>
            </td>
            <td nowrap="nowrap" style="width: 10.44%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">7,847</div>
            </td>
            <td nowrap="nowrap" style="width: 7.47%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2004</div>
            </td>
            <td nowrap="nowrap" style="width: 13.33%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">4Q22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.16%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', serif;">Global Ship Lease 32 Limited</div>
            </td>
            <td style="width: 10.09%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td style="width: 16.56%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Marshall Islands</div>
            </td>
            <td style="width: 17.93%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">GSL Grania</div>
            </td>
            <td nowrap="nowrap" style="width: 10.44%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">7,847</div>
            </td>
            <td nowrap="nowrap" style="width: 7.47%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2004</div>
            </td>
            <td nowrap="nowrap" style="width: 13.33%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">4Q22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.16%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif;">Alexander Marine LLC</div>
            </td>
            <td style="width: 10.09%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Poseidon</div>
            </td>
            <td style="width: 16.56%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Marshall Islands</div>
            </td>
            <td style="width: 17.93%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Mary</div>
            </td>
            <td nowrap="nowrap" style="width: 10.44%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">6,927</div>
            </td>
            <td nowrap="nowrap" style="width: 7.47%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2013</div>
            </td>
            <td nowrap="nowrap" style="width: 13.33%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">3Q23</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.16%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', serif;">Hector Marine LLC</div>
            </td>
            <td style="width: 10.09%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Poseidon</div>
            </td>
            <td style="width: 16.56%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Marshall Islands</div>
            </td>
            <td style="width: 17.93%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Kristina</div>
            </td>
            <td nowrap="nowrap" style="width: 10.44%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">6,927</div>
            </td>
            <td nowrap="nowrap" style="width: 7.47%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2013</div>
            </td>
            <td nowrap="nowrap" style="width: 13.33%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2Q24</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.16%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif;">Ikaros Marine LLC</div>
            </td>
            <td style="width: 10.09%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Poseidon</div>
            </td>
            <td style="width: 16.56%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Marshall Islands</div>
            </td>
            <td style="width: 17.93%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Katherine</div>
            </td>
            <td nowrap="nowrap" style="width: 10.44%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">6,927</div>
            </td>
            <td nowrap="nowrap" style="width: 7.47%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2013</div>
            </td>
            <td nowrap="nowrap" style="width: 13.33%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">1Q24</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.16%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', serif;">Philippos Marine LLC</div>
            </td>
            <td style="width: 10.09%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Poseidon</div>
            </td>
            <td style="width: 16.56%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Marshall Islands</div>
            </td>
            <td style="width: 17.93%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Alexandra</div>
            </td>
            <td nowrap="nowrap" style="width: 10.44%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">6,927</div>
            </td>
            <td nowrap="nowrap" style="width: 7.47%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2013</div>
            </td>
            <td nowrap="nowrap" style="width: 13.33%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">1Q24</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.16%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif;">Aristoteles Marine LLC</div>
            </td>
            <td style="width: 10.09%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Poseidon</div>
            </td>
            <td style="width: 16.56%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Marshall Islands</div>
            </td>
            <td style="width: 17.93%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Alexis</div>
            </td>
            <td nowrap="nowrap" style="width: 10.44%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">6,882</div>
            </td>
            <td nowrap="nowrap" style="width: 7.47%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2015</div>
            </td>
            <td nowrap="nowrap" style="width: 13.33%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">1Q24</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.16%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', serif;">Menelaos Marine LLC</div>
            </td>
            <td style="width: 10.09%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Poseidon</div>
            </td>
            <td style="width: 16.56%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Marshall Islands</div>
            </td>
            <td style="width: 17.93%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Olivia I</div>
            </td>
            <td nowrap="nowrap" style="width: 10.44%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">6,882</div>
            </td>
            <td nowrap="nowrap" style="width: 7.47%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2015</div>
            </td>
            <td nowrap="nowrap" style="width: 13.33%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">1Q24</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.16%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif;">Global Ship Lease 48 LLC</div>
            </td>
            <td style="width: 10.09%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">GSL</div>
            </td>
            <td style="width: 16.56%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Liberia</div>
            </td>
            <td style="width: 17.93%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">CMA CGM Berlioz</div>
            </td>
            <td nowrap="nowrap" style="width: 10.44%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">6,621</div>
            </td>
            <td nowrap="nowrap" style="width: 7.47%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2001</div>
            </td>
            <td nowrap="nowrap" style="width: 13.33%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2Q21</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.16%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', serif;">Leonidas Marine LLC</div>
            </td>
            <td style="width: 10.09%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Poseidon</div>
            </td>
            <td style="width: 16.56%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Marshall Islands</div>
            </td>
            <td style="width: 17.93%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Agios Dimitrios</div>
            </td>
            <td nowrap="nowrap" style="width: 10.44%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">6,572</div>
            </td>
            <td nowrap="nowrap" style="width: 7.47%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2011</div>
            </td>
            <td nowrap="nowrap" style="width: 13.33%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">4Q23</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.16%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif;">Global Ship Lease 35 LLC</div>
            </td>
            <td style="width: 10.09%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td style="width: 16.56%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Liberia</div>
            </td>
            <td style="width: 17.93%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">GSL Nicoletta</div>
            </td>
            <td nowrap="nowrap" style="width: 10.44%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">6,840</div>
            </td>
            <td nowrap="nowrap" style="width: 7.47%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2002</div>
            </td>
            <td nowrap="nowrap" style="width: 13.33%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">3Q24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.16%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', serif;">Global Ship Lease 36 LLC</div>
            </td>
            <td style="width: 10.09%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td style="width: 16.56%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Liberia</div>
            </td>
            <td style="width: 17.93%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">GSL Christen</div>
            </td>
            <td nowrap="nowrap" style="width: 10.44%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">6,840</div>
            </td>
            <td nowrap="nowrap" style="width: 7.47%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2002</div>
            </td>
            <td nowrap="nowrap" style="width: 13.33%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">3Q23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.16%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif;">Global Ship Lease 33 LLC</div>
            </td>
            <td style="width: 10.09%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td style="width: 16.56%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Liberia</div>
            </td>
            <td style="width: 17.93%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">GSL Vinia</div>
            </td>
            <td nowrap="nowrap" style="width: 10.44%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">6,080</div>
            </td>
            <td nowrap="nowrap" style="width: 7.47%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2004</div>
            </td>
            <td nowrap="nowrap" style="width: 13.33%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">3Q24</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.16%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', serif;">Global Ship Lease 34 LLC</div>
            </td>
            <td style="width: 10.09%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td style="width: 16.56%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Liberia</div>
            </td>
            <td style="width: 17.93%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">GSL Christel Elisabeth</div>
            </td>
            <td nowrap="nowrap" style="width: 10.44%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">6,080</div>
            </td>
            <td nowrap="nowrap" style="width: 7.47%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2004</div>
            </td>
            <td nowrap="nowrap" style="width: 13.33%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2Q24</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.16%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif;">Tasman Marine LLC</div>
            </td>
            <td style="width: 10.09%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Poseidon</div>
            </td>
            <td style="width: 16.56%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Marshall Islands</div>
            </td>
            <td style="width: 17.93%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Tasman</div>
            </td>
            <td nowrap="nowrap" style="width: 10.44%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">5,936</div>
            </td>
            <td nowrap="nowrap" style="width: 7.47%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2000</div>
            </td>
            <td nowrap="nowrap" style="width: 13.33%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">1Q22</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.16%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', serif;">Hudson Marine LLC</div>
            </td>
            <td style="width: 10.09%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Poseidon</div>
            </td>
            <td style="width: 16.56%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Marshall Islands</div>
            </td>
            <td style="width: 17.93%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Dimitris Y</div>
            </td>
            <td nowrap="nowrap" style="width: 10.44%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">5,936</div>
            </td>
            <td nowrap="nowrap" style="width: 7.47%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2000</div>
            </td>
            <td nowrap="nowrap" style="width: 13.33%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">1Q24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(6)</sup></div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.16%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', serif;">Drake Marine LLC</div>
            </td>
            <td style="width: 10.09%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Poseidon</div>
            </td>
            <td style="width: 16.56%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Marshall Islands</div>
            </td>
            <td style="width: 17.93%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Ian H</div>
            </td>
            <td nowrap="nowrap" style="width: 10.44%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">5,936</div>
            </td>
            <td nowrap="nowrap" style="width: 7.47%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2000</div>
            </td>
            <td nowrap="nowrap" style="width: 13.33%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2Q24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(6)</sup></div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.16%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', serif;">Hephaestus Marine LLC</div>
            </td>
            <td style="width: 10.09%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Poseidon</div>
            </td>
            <td style="width: 16.56%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Marshall Islands</div>
            </td>
            <td style="width: 17.93%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Dolphin II</div>
            </td>
            <td nowrap="nowrap" style="width: 10.44%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">5,095</div>
            </td>
            <td nowrap="nowrap" style="width: 7.47%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2007</div>
            </td>
            <td nowrap="nowrap" style="width: 13.33%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">1Q22</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-5</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Global Ship Lease, Inc.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Notes to the Interim Unaudited Condensed Consolidated Financial Statements (continued)</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">(Expressed in thousands of U.S. dollars except share data)</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Description of Business (continued)</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 23.98%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Company Name (1)</div>
            </td>
            <td style="width: 9.77%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
              <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Fleet</div>
            </td>
            <td style="width: 15.65%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
              <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Country&#160;of</div>
              <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Incorporation</div>
            </td>
            <td style="width: 19.54%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
              <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Vessel Name</div>
            </td>
            <td style="width: 10.11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
              <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Capacity in&#160;TEUs</div>
              <div style="font-family: 'Times New Roman',serif; font-weight: bold;">(2)</div>
            </td>
            <td style="width: 7.83%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
              <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Year<br>
                Built</div>
            </td>
            <td style="width: 13.12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
              <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Earliest Charter</div>
              <div style="font-family: 'Times New Roman',serif; font-weight: bold;"> Expiry&#160;Date</div>
            </td>
          </tr>
          <tr>
            <td style="width: 23.98%; vertical-align: middle; background-color: #CCECFF;">
              <div style="font-family: 'Times New Roman', serif;">Zeus One Marine LLC</div>
            </td>
            <td style="width: 9.77%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Poseidon</div>
            </td>
            <td style="width: 15.65%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Marshall Islands</div>
            </td>
            <td style="width: 19.54%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Orca I</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">5,095</div>
            </td>
            <td nowrap="nowrap" style="width: 7.83%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2006</div>
            </td>
            <td nowrap="nowrap" style="width: 13.12%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2Q24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(7)</sup></div>
            </td>
          </tr>
          <tr>
            <td style="width: 23.98%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', serif;">Global Ship Lease 47 LLC</div>
            </td>
            <td style="width: 9.77%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">GSL</div>
            </td>
            <td style="width: 15.65%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Liberia</div>
            </td>
            <td style="width: 19.54%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">GSL Ch&#226;teau d&#8217;If</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">5,089</div>
            </td>
            <td nowrap="nowrap" style="width: 7.83%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2007</div>
            </td>
            <td nowrap="nowrap" style="width: 13.12%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">4Q21</div>
            </td>
          </tr>
          <tr>
            <td style="width: 23.98%; vertical-align: middle; background-color: #CCECFF;">
              <div style="font-family: 'Times New Roman', serif;">GSL Alcazar Inc.</div>
            </td>
            <td style="width: 9.77%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">GSL</div>
            </td>
            <td style="width: 15.65%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Marshall Islands</div>
            </td>
            <td style="width: 19.54%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">CMA CGM Alcazar</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">5,089</div>
            </td>
            <td nowrap="nowrap" style="width: 7.83%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2007</div>
            </td>
            <td nowrap="nowrap" style="width: 13.12%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">3Q21</div>
            </td>
          </tr>
          <tr>
            <td style="width: 23.98%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', serif;">Global Ship Lease 50 LLC</div>
            </td>
            <td style="width: 9.77%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">GSL</div>
            </td>
            <td style="width: 15.65%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Liberia</div>
            </td>
            <td style="width: 19.54%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">CMA CGM Jamaica</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">4,298</div>
            </td>
            <td nowrap="nowrap" style="width: 7.83%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2006</div>
            </td>
            <td nowrap="nowrap" style="width: 13.12%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">3Q22</div>
            </td>
          </tr>
          <tr>
            <td style="width: 23.98%; vertical-align: middle; background-color: #CCECFF;">
              <div style="font-family: 'Times New Roman', serif;">Global Ship Lease 49 LLC</div>
            </td>
            <td style="width: 9.77%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">GSL</div>
            </td>
            <td style="width: 15.65%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Liberia</div>
            </td>
            <td style="width: 19.54%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">CMA CGM Sambhar</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">4,045</div>
            </td>
            <td nowrap="nowrap" style="width: 7.83%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2006</div>
            </td>
            <td nowrap="nowrap" style="width: 13.12%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">3Q22</div>
            </td>
          </tr>
          <tr>
            <td style="width: 23.98%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', serif;">Global Ship Lease 51 LLC</div>
            </td>
            <td style="width: 9.77%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">GSL</div>
            </td>
            <td style="width: 15.65%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Liberia</div>
            </td>
            <td style="width: 19.54%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">CMA CGM America</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">4,045</div>
            </td>
            <td nowrap="nowrap" style="width: 7.83%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2006</div>
            </td>
            <td nowrap="nowrap" style="width: 13.12%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">3Q22</div>
            </td>
          </tr>
          <tr>
            <td style="width: 23.98%; vertical-align: middle; background-color: #CCECFF;">
              <div style="font-family: 'Times New Roman', serif;">Global Ship Lease 42 LLC</div>
            </td>
            <td style="width: 9.77%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">GSL</div>
            </td>
            <td style="width: 15.65%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Liberia</div>
            </td>
            <td style="width: 19.54%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">GSL Valerie</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2,824</div>
            </td>
            <td nowrap="nowrap" style="width: 7.83%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2005</div>
            </td>
            <td nowrap="nowrap" style="width: 13.12%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">3Q21</div>
            </td>
          </tr>
          <tr>
            <td style="width: 23.98%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', serif;">Pericles Marine LLC</div>
            </td>
            <td style="width: 9.77%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Poseidon</div>
            </td>
            <td style="width: 15.65%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Marshall Islands</div>
            </td>
            <td style="width: 19.54%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Athena</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2,762</div>
            </td>
            <td nowrap="nowrap" style="width: 7.83%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2003</div>
            </td>
            <td nowrap="nowrap" style="width: 13.12%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">1Q24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(8)</sup></div>
            </td>
          </tr>
          <tr>
            <td style="width: 23.98%; vertical-align: middle; background-color: #CCECFF;">
              <div style="font-family: 'Times New Roman', serif;">Aris Marine LLC</div>
            </td>
            <td style="width: 9.77%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Poseidon</div>
            </td>
            <td style="width: 15.65%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Marshall Islands</div>
            </td>
            <td style="width: 19.54%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Maira</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2,506</div>
            </td>
            <td nowrap="nowrap" style="width: 7.83%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2000</div>
            </td>
            <td nowrap="nowrap" style="width: 13.12%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">1Q23</div>
            </td>
          </tr>
          <tr>
            <td style="width: 23.98%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', serif;">Aphrodite Marine LLC</div>
            </td>
            <td style="width: 9.77%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Poseidon</div>
            </td>
            <td style="width: 15.65%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Marshall Islands</div>
            </td>
            <td style="width: 19.54%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Nikolas</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2,506</div>
            </td>
            <td nowrap="nowrap" style="width: 7.83%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2000</div>
            </td>
            <td nowrap="nowrap" style="width: 13.12%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">1Q23</div>
            </td>
          </tr>
          <tr>
            <td style="width: 23.98%; vertical-align: middle; background-color: #CCECFF;">
              <div style="font-family: 'Times New Roman', serif;">Athena Marine LLC</div>
            </td>
            <td style="width: 9.77%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Poseidon</div>
            </td>
            <td style="width: 15.65%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Marshall Islands</div>
            </td>
            <td style="width: 19.54%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Newyorker</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2,506</div>
            </td>
            <td nowrap="nowrap" style="width: 7.83%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2001</div>
            </td>
            <td nowrap="nowrap" style="width: 13.12%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">1Q21</div>
            </td>
          </tr>
          <tr>
            <td style="width: 23.98%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', serif;">Global Ship Lease 46 LLC</div>
            </td>
            <td style="width: 9.77%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">GSL</div>
            </td>
            <td style="width: 15.65%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Liberia</div>
            </td>
            <td style="width: 19.54%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">La Tour</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2,272</div>
            </td>
            <td nowrap="nowrap" style="width: 7.83%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2001</div>
            </td>
            <td nowrap="nowrap" style="width: 13.12%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2Q21</div>
            </td>
          </tr>
          <tr>
            <td style="width: 23.98%; vertical-align: middle; background-color: #CCECFF;">
              <div style="font-family: 'Times New Roman', serif;">Global Ship Lease 38 LLC</div>
            </td>
            <td style="width: 9.77%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">GSL</div>
            </td>
            <td style="width: 15.65%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Liberia</div>
            </td>
            <td style="width: 19.54%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Manet</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2,272</div>
            </td>
            <td nowrap="nowrap" style="width: 7.83%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2001</div>
            </td>
            <td nowrap="nowrap" style="width: 13.12%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">4Q21</div>
            </td>
          </tr>
          <tr>
            <td style="width: 23.98%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', serif;">Global Ship Lease 40 LLC</div>
            </td>
            <td style="width: 9.77%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">GSL</div>
            </td>
            <td style="width: 15.65%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Liberia</div>
            </td>
            <td style="width: 19.54%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Keta</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2,207</div>
            </td>
            <td nowrap="nowrap" style="width: 7.83%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2003</div>
            </td>
            <td nowrap="nowrap" style="width: 13.12%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">3Q21</div>
            </td>
          </tr>
          <tr>
            <td style="width: 23.98%; vertical-align: middle; background-color: #CCECFF;">
              <div style="font-family: 'Times New Roman', serif;">Global Ship Lease 41 LLC</div>
            </td>
            <td style="width: 9.77%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">GSL</div>
            </td>
            <td style="width: 15.65%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Liberia</div>
            </td>
            <td style="width: 19.54%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Julie</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2,207</div>
            </td>
            <td nowrap="nowrap" style="width: 7.83%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2002</div>
            </td>
            <td nowrap="nowrap" style="width: 13.12%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2Q21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(9)</sup></div>
            </td>
          </tr>
          <tr>
            <td style="width: 23.98%; vertical-align: middle;">
              <div style="font-family: 'Times New Roman', serif;">Global Ship Lease 45 LLC</div>
            </td>
            <td style="width: 9.77%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">GSL</div>
            </td>
            <td style="width: 15.65%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Liberia</div>
            </td>
            <td style="width: 19.54%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Kumasi</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2,207</div>
            </td>
            <td nowrap="nowrap" style="width: 7.83%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2002</div>
            </td>
            <td nowrap="nowrap" style="width: 13.12%; vertical-align: middle;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">3Q21</div>
            </td>
          </tr>
          <tr>
            <td style="width: 23.98%; vertical-align: middle; background-color: #CCECFF;">
              <div style="font-family: 'Times New Roman', serif;">Global Ship Lease 44 LLC</div>
            </td>
            <td style="width: 9.77%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">GSL</div>
            </td>
            <td style="width: 15.65%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Liberia</div>
            </td>
            <td style="width: 19.54%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Marie Delmas</div>
            </td>
            <td nowrap="nowrap" style="width: 10.11%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2,207</div>
            </td>
            <td nowrap="nowrap" style="width: 7.83%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2002</div>
            </td>
            <td nowrap="nowrap" style="width: 13.12%; vertical-align: middle; background-color: #CCECFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">3Q21</div>
            </td>
          </tr>

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

          <tr>
            <td nowrap="nowrap" style="width: 100%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic;">(1) All subsidiaries are 100% owned, either directly or indirectly;</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 100%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic;">(2) Twenty-foot Equivalent Units;</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 100%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic;">(3) GSL Eleni delivered 2Q2019 and is chartered for five years; GSL Kalliopi (delivered 4Q2019) and GSL Grania (delivered 3Q2019) are chartered for
                three years plus two successive periods of one year at the option of the charterer;</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 100%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic;">(4) GSL Christen is chartered for 2 &#8211; 10 months, at charterer&#8217;s option. The charter commenced in July 2020; Thereafter the charter will be extended,
                in direct continuation, for 27&#8212;30 months;</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 100%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic;">(5) GSL Nicoletta commenced a charter with MSC in 3Q2020; upon conclusion of that charter, GSL Nicoletta will be chartered to Maersk for 36&#8212;40
                months;</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 100%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic;">(6) A package agreement with ZIM, for direct charter extensions on two 5,900 TEU ships: Ian H, from May 2021 to 3Q2024, and Dimitris Y, from May 2022
                to median expiry of the charter in 2Q2024.; On April 9, 2021, Dimiris Y renamed to Zim Europe;</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 100%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic;">(7)&#160;Charter with Maersk ending in 2Q2021. Thereafter, the charter will be extended in direct continuation for 36&#8212;39; thereafter Maersk has the option
                to charter the vessel for a further 12-14 months;</div>
              <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic;">(8) Athena is chartered to MSC until April 2021. Thereafter Athena will be chartered to Hapag-Lloyd for 35&#8212;37 months;</div>
              <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic;">(9) Charter to May 2021; thereafter extended in direct continuation on confidential terms.</div>
              <div>&#160;</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Furthermore, in February 2021 the Company contracted to purchase and charter back seven 6,000 TEU Post-Panamax containerships with an average age of
        approximately 20 years for an aggregate purchase price of&#160;$116,000. On completion of short charters on two of these vessels, the Company has agreed that all seven ships will be chartered to Maersk Line for a minimum firm period of 36 months each,
        followed by two&#160;one-year&#160;extensions at charterer&#8217;s option. With these additions, the Company&#8217;s fleet will comprise 50 vessels with a total capacity of 287,336 TEU. The vessels are scheduled for phased delivery during the second and third quarters
        of 2021, at which time they will be renamed GSL Arcadia, GSL Dorothea, GSL Maria, GSL Melita, GSL MYNY, GSL Tegea and GSL Violetta.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The following table provides further information about these seven ships:</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td nowrap="nowrap" style="width: 30.68%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">Vessel&#160;Name</div>
            </td>
            <td style="width: 15.71%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Capacity<br>
                in&#160;TEUs</div>
            </td>
            <td style="width: 0.14%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 23.66%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Lightweight<br>
                (tons)</div>
            </td>
            <td style="width: 0.14%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 9.68%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Year<br>
                Built</div>
            </td>
            <td style="width: 0.14%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 19.84%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Charterer</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.68%; vertical-align: top; background-color: #CCEEFF; border-top: #000000 2px solid;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">GSL Arcadia</div>
            </td>
            <td nowrap="nowrap" style="width: 15.71%; vertical-align: bottom; background-color: #CCEEFF; border-top: #000000 2px solid;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">6,008</div>
            </td>
            <td style="width: 0.14%; vertical-align: bottom; background-color: #CCEEFF; border-top: #000000 2px solid;">&#160;</td>
            <td nowrap="nowrap" style="width: 23.66%; vertical-align: bottom; background-color: #CCEEFF; border-top: #000000 2px solid;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">24,858</div>
            </td>
            <td style="width: 0.14%; vertical-align: bottom; background-color: #CCEEFF; border-top: #000000 2px solid;">&#160;</td>
            <td nowrap="nowrap" style="width: 9.68%; vertical-align: bottom; background-color: #CCEEFF; border-top: #000000 2px solid;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2000</div>
            </td>
            <td style="width: 0.14%; vertical-align: bottom; background-color: #CCEEFF; border-top: #000000 2px solid;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.84%; vertical-align: bottom; background-color: #CCEEFF; border-top: #000000 2px solid;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Maersk</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.68%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">GSL MYNY</div>
            </td>
            <td nowrap="nowrap" style="width: 15.71%; vertical-align: bottom;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">6,008</div>
            </td>
            <td style="width: 0.14%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 23.66%; vertical-align: bottom;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">24,873</div>
            </td>
            <td style="width: 0.14%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 9.68%; vertical-align: bottom;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2000</div>
            </td>
            <td style="width: 0.14%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.84%; vertical-align: bottom;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Maersk</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.68%; vertical-align: top; background-color: #CCEEFF;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">GSL Melita</div>
            </td>
            <td nowrap="nowrap" style="width: 15.71%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">6,008</div>
            </td>
            <td style="width: 0.14%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td nowrap="nowrap" style="width: 23.66%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">24,848</div>
            </td>
            <td style="width: 0.14%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td nowrap="nowrap" style="width: 9.68%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2001</div>
            </td>
            <td style="width: 0.14%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.84%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Maersk</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.68%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">GSL Maria</div>
            </td>
            <td nowrap="nowrap" style="width: 15.71%; vertical-align: bottom;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">6,008</div>
            </td>
            <td style="width: 0.14%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 23.66%; vertical-align: bottom;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">24,414</div>
            </td>
            <td style="width: 0.14%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 9.68%; vertical-align: bottom;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2001</div>
            </td>
            <td style="width: 0.14%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.84%; vertical-align: bottom;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Maersk</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.68%; vertical-align: top; background-color: #CCEEFF;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">GSL Violetta</div>
            </td>
            <td nowrap="nowrap" style="width: 15.71%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">6,008</div>
            </td>
            <td style="width: 0.14%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td nowrap="nowrap" style="width: 23.66%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">24,873</div>
            </td>
            <td style="width: 0.14%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td nowrap="nowrap" style="width: 9.68%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2000</div>
            </td>
            <td style="width: 0.14%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.84%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Maersk</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.68%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">GSL Tegea</div>
            </td>
            <td nowrap="nowrap" style="width: 15.71%; vertical-align: bottom;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">6,008</div>
            </td>
            <td style="width: 0.14%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 23.66%; vertical-align: bottom;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">24,308</div>
            </td>
            <td style="width: 0.14%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 9.68%; vertical-align: bottom;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2001</div>
            </td>
            <td style="width: 0.14%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.84%; vertical-align: bottom;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Maersk</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.68%; vertical-align: top; background-color: #CCEEFF;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">GSL Dorothea</div>
            </td>
            <td nowrap="nowrap" style="width: 15.71%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">6,008</div>
            </td>
            <td style="width: 0.14%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td nowrap="nowrap" style="width: 23.66%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">24,243</div>
            </td>
            <td style="width: 0.14%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td nowrap="nowrap" style="width: 9.68%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">2001</div>
            </td>
            <td style="width: 0.14%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.84%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">Maersk</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-6</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Global Ship Lease, Inc.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Notes to the Interim Unaudited Condensed Consolidated Financial Statements (continued)</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">(Expressed in thousands of U.S. dollars except share data)</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Summary of Significant Accounting Policies and Disclosures</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Basis of Presentation</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The accompanying financial information is unaudited and reflects all adjustments, consisting solely of normal recurring adjustments, which, in the opinion
        of management, are necessary for a fair statement of financial position and results of operations for the years presented. The financial information does not include all disclosures required under United States Generally Accepted Accounting
        Principles (&#8220;US GAAP&#8221;) for annual financial statements. These interim unaudited consolidated financial statements should be read in conjunction with the Company&#8217;s consolidated financial statements as of December&#160;31, 2020 filed with the Securities
        and Exchange Commission on March&#160;19, 2021 in the Company&#8217;s Annual Report on Form 20-F.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">COVID-19 Pandemic</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On March 11, 2020, the World Health Organization declared the novel coronavirus (&#8220;COVID-19&#8221;) outbreak a pandemic. Since the beginning of calendar year 2020,
        the outbreak of COVID-19 pandemic has resulted in the implementation of numerous actions taken by governments and governmental agencies in an attempt to mitigate the spread of the virus, including, among others, business closures, quarantines,
        travel restrictions, and physical distancing requirements. These actions have caused substantial disruptions in the global economy and the shipping industry, as well as significant volatility in the financial markets, the severity and duration of
        which remains uncertain.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">While the Company cannot predict the long-term economic impact of the COVID-19 pandemic, it will continue to actively monitor the situation and may take
        further actions altering the Company&#8217;s business operations that it determines are in the best interests of its employees, customers, partners, suppliers, and stakeholders, or as required by authorities in the jurisdictions where the Company
        operates. As a result, many of the Company&#8217;s estimates and assumptions required increased judgment and carry a higher degree of variability and volatility. The ultimate effects that any such alterations or modifications may have on the Company&#8217;s
        business are not clear, including any potential negative effects on its business operations and financial results.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-7</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Global Ship Lease, Inc.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Notes to the Interim Unaudited Condensed Consolidated Financial Statements (continued)</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">(Expressed in thousands of U.S. dollars except share data)</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Summary of Significant Accounting Policies and Disclosures (continued)</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Principles of Consolidation</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The accompanying interim unaudited consolidated financial information include the financial statements of the Company and its wholly owned subsidiaries; the
        Company has no other interests. All significant intercompany balances and transactions have been eliminated in the Company&#8217;s interim unaudited consolidated financial statements.</div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">(c)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Use of estimates</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The preparation of interim unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions
        that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim unaudited consolidated financial statements and the reported amounts of revenues and expenses during the
        reporting period. Actual results could differ from those estimates under different assumptions and/or conditions.</div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Vessels in operation</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Vessels are generally recorded at their historical cost, which consists of the acquisition price and any material expenses incurred upon acquisition.
        Vessels acquired in a corporate transaction accounted for as an asset acquisition are stated at the acquisition price, which consists of consideration paid, plus transaction costs less any negative goodwill, if applicable. Vessels acquired in a
        corporate transaction accounted for as a business combination are recorded at fair value. Vessels acquired as part of the Marathon Merger in 2008 were accounted for under ASC 805, which required that the&#160;vessels be recorded at fair value, less the
        negative goodwill arising as a result of the accounting for the merger.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Subsequent expenditures for major improvements and upgrades are capitalized, provided they appreciably extend the life, increase the earnings capacity or
        improve the efficiency or safety of the vessels.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Borrowing costs incurred during the construction of vessels or as part of the prefinancing of the acquisition of vessels are capitalized. There was no
        capitalized interest for the three months ended March 31, 2021 and for the year ended December 31, 2020.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Vessels are stated less accumulated depreciation and impairment, if applicable. Vessels are depreciated to their estimated residual value using the
        straight-line method over their estimated useful lives which are reviewed on an ongoing basis to ensure they reflect current technology, service potential and vessel structure. The useful lives are estimated to be 30 years from original delivery by
        the shipyard.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Management estimates the residual values of the Company&#8217;s container vessels based on a scrap value cost of steel times the weight of the vessel noted in
        lightweight tons (LWT). Residual values are periodically reviewed and revised to recognize changes in conditions, new regulations or other reasons. Revision of residual values affect the depreciable amount of the vessels and affects depreciation
        expense in the period of the revision and future periods. Management estimated the residual values of its vessels based on scrap rate of $400 per LWT.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">For any vessel&#160;group which is impaired,&#160;the impairment charge is recorded against the cost of the vessel and the&#160;accumulated depreciation as at the date of
        impairment is removed from the accounts.&#160;</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The cost and related accumulated depreciation of assets retired or sold are removed from the accounts at the time of sale or retirement and any gain or loss
        is included in the interim unaudited Consolidated Statements of Operations.</div>
      <div style="margin-top: 9.9pt;"><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-8</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-top: 9.9pt;"><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Global Ship Lease, Inc.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Notes to the Interim Unaudited Condensed Consolidated Financial Statements (continued)</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">(Expressed in thousands of U.S. dollars except share data)</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Summary of Significant Accounting Policies and Disclosures (continued)</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">(e)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Assets Held for Sale</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Company classifies assets and disposal groups as being held for sale when the following criteria are met: management has committed to a plan to sell the
        asset (disposal group); the asset (disposal group) is available for immediate sale in its present condition; an active program to locate a buyer and other actions required to complete the plan to sell the asset (disposal group) have been initiated;
        the sale of the asset (disposal group) is probable, and transfer of the asset (disposal group) is expected to qualify for recognition as a completed sale within one year; the asset (disposal group) is being actively marketed for sale at a price
        that is reasonable in relation to its current fair value; and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Long-lived assets or disposal groups classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These
        assets are not depreciated once they meet the criteria to be held for sale. As of March 31, 2021, and December 31, 2020, there were no assets classified as held for sale.</div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">(f)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Impairment of Long-lived assets</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Tangible fixed assets, such as vessels, that are held and used or to be disposed of by the Company are reviewed for impairment when events or changes in
        circumstances indicate that their carrying amounts may not be recoverable. In these circumstances, the Company performs step one of the impairment test by comparing the undiscounted projected net operating cash flows for each vessel group to its
        carrying value.&#160; A vessel group comprises the vessel, the unamortized portion of deferred drydocking related to the vessel and the related carrying value of the intangible asset or liability (if any) with respect to the time charter attached to the
        vessel at its purchase. If the undiscounted projected net operating cash flows of the vessel group are less than its carrying amount, management proceeds to step two of the impairment assessment by comparing the vessel group&#8217;s carrying amount to
        its fair value, including any applicable charter, and an impairment loss is recorded equal to the difference between the vessel group&#8217;s carrying value and fair value. Fair value is determined with the assistance from valuations obtained from third
        party independent ship brokers.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Company uses a number of assumptions in projecting its undiscounted net operating cash flows analysis including, among others, (i) revenue assumptions
        for charter rates on expiry of existing charters, which are based on forecast charter rates, where relevant, in the four years from the date of the impairment test and a reversion to the historical mean of time charter rates for each vessel
        thereafter (ii) off-hire days, which are based on actual off-hire statistics for the Company&#8217;s fleet (iii) operating costs, based on current levels escalated over time based on long term trends (iv) dry docking frequency, duration and cost&#160; (v)
        estimated useful life, which is assessed as a total of 30 years from original delivery by the shipyard and (vi) scrap values.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Revenue assumptions are based on contracted charter rates up to the end of the existing contract of each vessel, and thereafter, estimated time charter
        rates for the remaining life of the vessel. The estimated time charter rate used for non-contracted revenue days of each vessel is considered a significant assumption. Recognizing that the container shipping industry is cyclical and subject to
        significant volatility based on factors beyond the Company&#8217;s control, management believes that using forecast charter rates in the four years from the date of the impairment assessment and a reversion to the historical mean of time charter rates
        thereafter, represents a reasonable benchmark for the estimated time charter rates for the non-contracted revenue days, and takes into account the volatility and cyclicality of the market.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Two 1999-built, 2,200 TEU feeder ships, GSL Matisse&#160;and Utrillo, were sold on July 3, 2020 and July 20, 2020, respectively.&#160; As of June 30, 2020, the
        vessels were&#160;immediately available for sale and qualified as assets held for sale. As of March 31, 2020, the Company had an expectation that the vessels would be sold before the end of their previously estimated useful life, and as a result
        performed an impairment test of the specific asset group. An impairment charge of $7,585 was recognized for the three months ended March 31, 2020 and an additional impairment charge of $912 was recognized in the three months ended June 30, 2020.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">During the three months ended March 31, 2021, there were no events or changes in circumstances which indicated that the carrying amounts of the Company&#8217;s
        other vessels may not be recoverable. Accordingly, no impairment test was performed.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-9</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Global Ship Lease, Inc.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Notes to the Interim Unaudited Condensed Consolidated Financial Statements (continued)</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">(Expressed in thousands of U.S. dollars except share data)</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Summary of Significant Accounting Policies and Disclosures (continued)</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">(g)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Revenue recognition and related expense</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Company charters out its vessels on time charters which involves placing a vessel at a charterer&#8217;s disposal for a specified period of time during which
        the charterer uses the vessel in return for the payment of a specified daily hire rate. Such charters are accounted for as operating leases and therefore revenue is recognized on a straight-line basis as the average revenues over the rental periods
        of such charter agreements, as service is performed. Cash received in excess of earned revenue is recorded as deferred revenue. If a time charter contains one or more consecutive option periods, then subject to the options being exercisable solely
        by the Company, the time charter revenue will be recognized on a straight-line basis over the total remaining life of the time charter, including any options which are more likely than not to be exercised. Any difference between the charter rate
        invoiced and the time charter revenue recognized is classified as, or released from, deferred revenue within the interim unaudited Consolidated Balance Sheets.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Revenues are recorded net of address commissions, which represent a discount provided directly to the charterer based on a fixed percentage of the agreed
        upon charter rate.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Charter revenue received in advance which relates to the period after a balance sheet date is recorded as deferred revenue within current liabilities until
        the respective charter services are rendered.&#160;</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Under time charter arrangements the Company, as owner, is responsible for all the operating expenses of the vessels, such as crew costs, insurance, repairs
        and maintenance, and such costs are expensed as incurred and are included in vessel operating expenses.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Commission paid to brokers to facilitate the agreement of a new charter are included in time charter and voyage expenses as are certain expenses related to
        a voyage, such as the costs of bunker fuel consumed when a vessel is off-hire or idle.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Company elected the practical expedient which allows the Company to treat the lease and non-lease components as a single lease component for the leases
        where the timing and pattern of transfer for the nonlease component and the associated lease component to the lessees are the same and the lease component, if accounted for separately, would be classified as an operating lease. The combined
        component is therefore accounted for as an operating lease under ASC 842, as the lease components are the predominant characteristics, in 2020 and 2019.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Company adopted the new &#8220;Leases&#8221; standard (Topic 842) on January&#160;1, 2019 using the modified retrospective method. The Company elected the practical
        expedient to use the effective date of adoption as the date of initial application. Furthermore the Company elected practical expedients, which allow entities (i)&#160;to not reassess whether any expired or existing contracts are considered or contain
        leases; (ii)&#160;to not reassess the lease classification for any expired or existing leases (iii)&#160;to not reassess initial direct costs for any existing leases and (iv)&#160;which allows to treat the lease and non-lease components as a single lease
        component due to its predominant characteristic. The adoption of this standard did not have a material effect on the interim unaudited consolidated financial statements since the Company is primarily a lessor and the accounting for lessors is
        largely unchanged under this standard.</div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">(h)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Fair Value Measurement and Financial Instruments</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Financial instruments carried on the balance sheet include cash and cash equivalents, restricted cash, trade receivables and payables, other receivables and
        other liabilities and long-term debt. The particular recognition methods applicable to each class of financial instrument are disclosed in the applicable significant policy description of each item or included below as applicable.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-10</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Global Ship Lease, Inc.</div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Notes to the Interim Unaudited Condensed Consolidated Financial Statements (continued)</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">(Expressed in thousands of U.S. dollars except share data)</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">(h)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Fair Value Measurement and Financial Instruments (continued)</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Fair value measurement:</font> Fair value is defined as the price that would be received to sell an asset or paid to
        transfer a liability (i.e. the &#8220;exit price&#8221;) in an orderly transaction between market participants at the measurement date. The hierarchy is broken down into three levels based on the observability of inputs as follows:</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Level&#160;1 - </font>Valuations based on quoted prices in active markets for identical assets or liabilities that the Company
        has the ability to access.&#160;Valuation adjustments and block discounts are not applied to Level&#160;1 instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does
        not entail a significant degree of judgment.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Level&#160;2 - </font>Valuations based on one or more quoted prices in markets that are not active or for which all significant
        inputs are observable, either directly or indirectly.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Level&#160;3 - </font>Valuations based on inputs that are unobservable and significant to the overall fair value measurement.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">As at March 31, 2020, two of the Company&#8217;s vessel groups that were held and used with a total aggregate carrying amount of $15,585 were written down to
        their fair value of $8,000 resulting in a non-cash impairment charge of $7,585 which was allocated to the respective vessels&#8217; carrying values (see note 3). The estimated fair value, measured on a non-recurring basis, of the Company&#8217;s relevant three
        vessel groups that are held and used is calculated with the assistance of valuation obtained by third party independent ship brokers.&#160;Therefore, the Company has categorized the fair value of these vessels as Level II in the fair value hierarchy.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Financial Risk Management:</font>&#160;The Company activities expose it to a variety of financial risks including fluctuations
        in, time charter rates, credit and interest rates risk. Risk management is carried out under policies approved by executive management. Guidelines are established for overall risk management, as well as specific areas of operations.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Credit risk:&#160;</font>The Company closely monitors its credit exposure to customers and counter-parties for credit risk. The
        Company has entered into commercial management agreement with Conchart Commercial Inc. (&#8220;Conchart&#8221;), pursuant to which Conchart has agreed to provide commercial management services to the Company, including the negotiation, on behalf of the
        Company, vessel employment contracts (see note 5). Conchart has policies in place to ensure that it trades with customers and counterparties with an appropriate credit history.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Financial instruments that potentially subject the Company to concentrations of credit risk are accounts receivable and cash and cash equivalents. The
        Company does not believe its exposure to credit risk is likely to have a material adverse effect on its financial position, results of operations or cash flows.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Liquidity Risk: </font>Prudent liquidity risk management implies maintaining sufficient cash and marketable securities,
        the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. The Company monitors cash balances appropriately to meet working capital needs.</div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Recent accounting pronouncements</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Company does not believe that any recently issued, but not yet effective, accounting pronouncements would have a material impact on its interim
        unaudited consolidated financial statements.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-11</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Global Ship Lease, Inc.</div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Notes to the Interim Unaudited Condensed Consolidated Financial Statements (continued)</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">(Expressed in thousands of U.S. dollars except share data)</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Vessels in Operation</div>
            </td>
          </tr>

      </table>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
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              <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Vessel Cost,</div>
              <div style="font-family: 'Times New Roman',serif; font-weight: bold;"> as adjusted for</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
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              <div>&#160;</div>
              <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Accumulated</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: right;" colspan="2">
              <div>&#160;</div>
              <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Net Book</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman', serif; font-weight: bold;"> Impairment charges</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman', serif; font-weight: bold;">Depreciation</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman', serif; font-weight: bold;">Value</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">As of January 1, 2020</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">1,306,936</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">(151,350</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">1,155,586</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Additions</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">41,710</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">41,710</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64%;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Disposals</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(7,058</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(7,058</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Depreciation</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(41,158</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(41,158</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64%; padding-bottom: 2px;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Impairment loss</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(43,803</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">35,306</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(8,497</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">As of December 31, 2020</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">1,297,785</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">(157,202</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">1,140,583</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Additions</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">654</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">654</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64%; padding-bottom: 2px;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Depreciation</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(10,397</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(10,397</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">As of March 31, 2021</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">1,298,439</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">(167,599</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">1,130,840</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On July 3, 2020, the Company sold GSL Matisse for net proceeds of $3,441, and the vessel was released as collateral under the Company&#8217;s 2022 Notes and Citi
        Credit Facility.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On July 20, 2020, the Company sold Utrillo for net proceeds of $3,411, and the vessel was released as collateral under the Company&#8217;s 2022 Notes and Citi
        Credit Facility.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On February 21, 2020, the Company took delivery of a 2002-built, 6,840 TEU containership, GSL Nicoletta for a purchase price of $13,000.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On January 29, 2020, the Company took delivery of a 2002-built, 6,840 TEU containership, GSL Christen for a purchase price of $13,000.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Impairment</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">During the three months ended March 31, 2020, the Company determined that the vessels Utrillo and GSL Matisse should be divested.&#160;As at March 31, 2020, the
        vessels were&#160;not immediately available for sale and therefore did not qualify as &#8220;assets held for sale&#8221;. As of March 31, 2020, the Company had an expectation that the vessels would each be sold before the end of their estimated useful life, and as
        a result an impairment test of each of the specific asset groups was performed. An impairment loss of $7,585 has been recognized under the line item &#8220;Vessel impairment losses&#8221; in the interim unaudited Consolidated Statements of Operations for the
        three months ended March 31, 2020.&#160;</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Company has evaluated the impact of current economic situation on the recoverability of all its other vessel groups and has determined that there were
        no events or changes in circumstances which indicated that their carrying amounts may not be recoverable. Accordingly, no impairment test was performed during the three months ended March 31, 2021.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Collateral</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">As of March 31, 2021, 21 vessels were pledged as collateral under the new $236,200 senior secured loan facility with Hayfin Capital Management, LLP (the
        &#8220;New Hayfin Facility&#8221;) that the Company entered into on January 7, 2021 (see note 4b) and 22 vessels were pledged as collateral under the Company&#8217;s loan facilities. No vessels were unencumbered as of March 31, 2021.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-12</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">G<font style="font-weight: bold;">lobal Ship Lease, Inc.</font></div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Notes to the Interim Unaudited Condensed Consolidated Financial Statements (continued)</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">(Expressed in thousands of U.S. dollars except share data)</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Vessels in Operation (continued)</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Advances for vessel acquisitions and other additions</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On February 9, 2021, the Company announced that it has agreed to purchase and charter back seven 6,000 TEU Post-Panamax containerships with an average age
        of approximately 20 years for an aggregate purchase price of $116,000. The charters are to leading liner operators for a minimum firm period of 36 months each, followed by two one-year extensions at charterer&#8217;s option. With these additions, the
        Company&#8217;s fleet will comprise 50 vessels with a total capacity of 287,280 TEU. The vessels are scheduled for phased delivery during the second and third quarters of 2021, at which time they will be renamed GSL Arcadia, GSL Dorothea, GSL Maria, GSL
        Melita, GSL MYNY, GSL Tegea and GSL Violetta.&#160; In April 2021, deposits amounting to $11,606 were paid in total for the seven vessels.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">As of March 31, 2021, and December 31, 2020, the Company has made advances mainly for ballast water treatments and other vessel additions totaling $1,197
        and $1,364, respectively.</div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Long-Term Debt</div>
            </td>
          </tr>

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

          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;"><u>Facilities</u></div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="font-family: &#38;quot; font-weight: bold;">March 31,</div>
              <div style="font-family: &#38;quot; font-weight: bold;">2021</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="font-family: &#38;quot; font-weight: bold;">December 31, </div>
              <div style="font-family: &#38;quot; font-weight: bold;">2020</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">2022 Notes</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">233,436</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">322,723</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Less redemptions and repurchases</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(233,436</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(89,287</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">2022 Notes (a)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">233,436</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">New Hayfin Facility (b)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">229,640</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">2024 Notes (c)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">74,915</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">59,819</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Syndicated Senior Secured Credit Facility (CACIB, ABN, CIT, Siemens, CTBC, Bank Sinopac, Palatine) (d)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">231,800</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">238,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Blue Ocean Junior Credit Facility (d, e)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">26,205</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">38,500</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Deutsche, CIT, HCOB, Entrust, Blue Ocean Credit Facility (f)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">145,761</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">149,055</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Hayfin Credit Facility (g)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">5,833</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">5,833</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Hellenic Bank Credit Facility (h)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">47,700</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">49,700</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Chailease Credit Facility (i)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">7,128</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">7,596</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">Total</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">768,982</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">781,939</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Less: Current portion of 2022 Notes (a)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(26,240</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Less: Current portion of long-term debt</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(73,482</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(50,441</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Less: Original issue discount of 2022 Notes (a)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(1,133</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Less: Original issue premium/(discount) of 2024 Notes (c)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">17</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(147</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Less: Deferred financing costs (k)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(11,033</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(11,203</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">Non-current portion of Long-Term Debt</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">684,484</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">692,775</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">9.875% First Priority Secured Notes due 2022</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On October 31, 2017, the Company completed the sale of $360,000 in aggregate principal amount of its 9.875% First Priority Secured Notes (the &#8220;2022 Notes&#8221;)
        which mature on November 15, 2022. Proceeds after the deduction of the original issue discount, but before expenses, amounted to $356,400. The 2022 Notes were fully redeemed in January 2021.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Interest on the 2022 Notes was payable semi-annually on May 15 and November 15 of each year, commencing on May 15, 2018. As at December 31, 2020 the 2022
        Notes were secured by first priority vessel mortgages on the 16 vessels in the GSL Fleet and by assignments of earnings and insurances, pledges over certain bank accounts, as well as share pledges over each subsidiary owning a vessel securing the
        2022 Notes. In addition, the 2022 Notes were fully and unconditionally guaranteed, jointly and severally, by the Company&#8217;s 16 vessel owning subsidiaries as of December 31, 2020 and Global Ship Lease Services Limited.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-13</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Global Ship Lease, Inc.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Notes to the Interim Unaudited Condensed Consolidated Financial Statements (continued)</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">(Expressed in thousands of U.S. dollars except share data)</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Long-Term Debt (continued)</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">9.875% First Priority Secured Notes due 2022 (continued)</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On December 20, 2018, the Company entered into a first supplemental indenture for the 2022 Notes according to which the date beginning on which the Company
        was permitted to pay dividends to common shareholders in an aggregate amount per year equal to 50% of the consolidated net profit after taxes of the Company for the preceding financial year, was brought forward from January 1, 2021 to January 1,
        2020. Also, certain restrictions were agreed in the increase in the permitted transfer basket and the immediate increase in dividend capacity as a result of completing the Poseidon Transaction, and certain other provisions of the Indenture, among
        other things, the restricted payment covenant, the arm&#8217;s length transaction covenant and the reporting covenant were amended.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Company was required to have a minimum cash balance of $20,000 on each test date, being March 31, June 30, September 30 and December 31 in each year.
        The original issue discount was being amortized on an effective interest rate basis over the life of the 2022 Notes. The Company was required to repay $40,000 each year for the first three years and $35,000 thereafter, across both the 2022 Notes
        and the new Citi Credit Facility - see note 4(g) below. The Citi Credit Facility had minimum fixed amortization whereas as long as amounts were outstanding under that Facility&#160;amortization of the 2022 Notes was at the option of the noteholders, who
        could accept or reject an annual tender offer the Company was obliged to make.&#160;In December 2018, the tender offer was accepted in full and the Company repurchased $20,000 of the 2022 Notes at a purchase price of 102%. In December 2019, the tender
        offer of $20,000 was partially accepted by the noteholders and the Company repurchased $17,277 principal amount of the 2022 Notes at a purchase price of 102%. The balance of the offer of $2,723 was applied to repay the Citi Credit Facility at par -
        see note 4(g) below. The Citi Credit Facility was fully repaid on October 31, 2020, consequently on December 3, 2020, the Company mandatorily redeemed $28,000 principal amount of the 2022 Notes at a redemption price of $28,560 (representing 102.0%
        of the aggregate principal amount redeemed) plus accrued and unpaid interest.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On February 10, 2020, the Company completed an optional redemption of $46,000 aggregate principal amount of its 2022 Notes at a redemption price of $48,271
        (representing 104.938% of the aggregate principal amount) plus accrued and unpaid interest. During the year ended December 31, 2020, the Company purchased $15,287 of aggregate principal amount of 2022 Notes in the open market at a weighted average
        price of 98.98% of the aggregate principal amount.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On January 20, 2021, the Company optionally redeemed, in full, $233,436 aggregate principal amount of 2022 Notes, representing the entire outstanding amount
        under the 2022 Notes, using the proceeds the Company received from the New Hayfin Facility, see Note 4(b) below, and cash on hand, at a redemption price of $239,200 (representing 102.469% of the aggregate principal amount of notes redeemed) plus
        accrued and unpaid interest. Total loss on extinguishment of the bonds totalled $10,642 and is recorded within the Consolidated Statement of Operations as interest expense.</div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$236.2 Million Senior secured loan facility with Hayfin Capital Management, LLP</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On January 7, 2021, the Company entered into the New Hayfin Facility amounting to $236,200, and on January 19, 2021, the Company drew down the full amount
        under this facility. The proceeds from the New Hayfin Facility, along with cash on hand, were used to optionally redeem in full the outstanding 2022 Notes on January 20, 2021, see Note 4(a) above. The New Hayfin Facility matures in January 2026 and
        bears interest at a rate of LIBOR plus a margin of 7.00% per annum. It is repayable in twenty quarterly instalments of $6,560, along with a balloon payment at maturity. The New Hayfin Facility is secured by, among other things, first priority ship
        mortgages over 21 of the Company&#8217;s vessels, assignments of earnings and insurances of the mortgaged vessels, pledges over certain bank accounts, as well as share pledges over the equity interests of each mortgaged vessel-owning subsidiary.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">As of March 31, 2021, the outstanding balance of this facility amounted to $229,640.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-14</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Global Ship Lease, Inc.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Notes to the Interim Unaudited Condensed Consolidated Financial Statements (continued)</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">(Expressed in thousands of U.S. dollars except share data)</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Long-Term Debt (continued)</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">8.00% Senior Unsecured Notes due 2024</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On November 19, 2019, the Company completed the sale of $27,500 aggregate principal amount of its 8.00% Senior Unsecured Notes (the &#8220;2024 Notes&#8221;) which
        mature on December 31, 2024. On November 27, 2019, the Company sold an additional $4,125 of 2024 Notes, pursuant the underwriter&#8217;s option to purchase such additional 2024 Notes. Interest on the 2024 Notes is payable on the last day of February,
        May, August and November of each year commencing on February 29, 2020.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Company has the option to redeem the 2024 Notes for cash, in whole or in part, at any time (i) on or after December 31, 2021 and prior to December 31,
        2022, at a price equal to 102% of the principal amount, (ii) on or after December 31, 2022 and prior to December 31, 2023, at a price equal to 101% of the principal amount and (iii) on or after December 31, 2023 and prior to maturity, at a price
        equal to 100% of the principal amount.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On November 27, 2019, the Company entered into an &#8220;At Market Issuance Sales Agreement&#8221; with B. Riley FBR, Inc. (the &#8220;Agent&#8221;) under which and in accordance
        with the Company&#8217;s instructions, the Agent may offer and sell from time to time newly issued 2024 Notes.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">As of March 31, 2021, the outstanding aggregate principal amount of the 2024 notes was $74,915 including an amount of $43,290 that comprise of newly issued
        2024 notes under the At Market Issuance Sales Agreement.&#160; The outstanding balance, net of the outstanding balance of the original issue premium/(discount), was $74,932.</div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$268.0 Million Syndicated Senior Secured Credit Facility (CACIB, ABN, CIT, Siemens, CTBC, Bank Sinopac, Palatine)</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On September&#160;19, 2019, the Company entered into a Syndicated Senior Secured Credit Facility in order to refinance existing credit facilities that had a
        maturity date in December 2020, of an amount $224,310.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Senior Syndicated Secured Credit Facility was agreed to be borrowed in two tranches. The Lenders are Credit Agricole Corporate and Investment Bank
        (&#8220;CACIB&#8221;), ABN Amro Bank N.V. (&#8220;ABN&#8221;), CIT Bank, N.A. (&#8220;CIT&#8221;), Siemens Financial Services, Inc (&#8220;Siemens&#8221;), CTBC Bank Co. Ltd. (&#8220;CTBC&#8221;), Bank Sinopac Ltd. (&#8220;Bank Sinopac&#8221;) and Banque Palatine (&#8220;Palatine&#8221;).</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Tranche A amounting to $230,000 was drawn down in full on September 24, 2019 and is scheduled to be repaid in 20 consecutive quarterly instalments of $5,200
        starting from December 12, 2019 and a balloon payment of $126,000 payable on September 24, 2024.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Tranche B amounts to $38,000 was drawn down in full on February 10, 2020 and is scheduled to be repaid in 20 consecutive quarterly instalments of $1,000 and
        a balloon payment of $18,000 payable in the termination date on the fifth anniversary from the utilization date of Tranche A, which falls in September 24, 2024.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The interest rate is LIBOR plus a margin of 3.00% and is payable at each quarter end date.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">As of March 31, 2021, the outstanding balance of this facility amounted to $231,800.</div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">e)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$38.5 Million Blue Ocean Junior Credit Facility</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On September&#160;19, 2019, the Company entered into a refinancing agreement with Blue Ocean Income Fund LP, Blue Ocean Onshore Fund LP, and Blue Ocean
        Investments SPC Blue, holders of the outstanding debt of $38,500 relevant to the previous Blue Ocean Credit Facility in order to refinance that existing facility with the only substantive change being to extend maturity at the same date with the
        Syndicated Senior Secured Credit Facility (see note 4d).</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Company fully drew down the facility on September 23, 2019 and it is scheduled to be repaid in a single instalment on the termination date which falls
        on September 24, 2024.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">This facility bears interest at 10.00% per annum.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">During the three month period ended March 31, 2021, the Company using a portion of the net proceeds from the at-the-market issuance programs prepaid an
        amount of $12,295 plus a prepayment fee of $1,617. Following this prepayment, as of March 31, 2021, the outstanding balance on this facility amounted to $26,205.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-15</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Global Ship Lease, Inc.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Notes to the Interim Unaudited Condensed Consolidated Financial Statements (continued)</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">(Expressed in thousands of U.S. dollars except share data)</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Long-Term Debt (continued)</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">f)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$180.5 Million Deutsche, CIT, HCOB, Entrust, Blue Ocean Credit Facility</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">In connection with the Poseidon Transaction, the Company assumed debt from the three vessel owning companies of UASC Al Khor, Maira XL and Anthea Y on the
        date of completion of the transaction of $180,500 with Deutsche Bank AG. The agreement is dated November 9, 2018, with initial drawdown amount of $180,500 and final maturity of June 30, 2022.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On December 31, 2018, the Company entered a deed of amendment and restatement with the bank. Based on this restatement there was a re-tranche of the
        existing facility such that it was split into a senior facility in an amount of $141,900 (&#8220;Senior Facility&#8221;) and a junior facility in an amount of $38,600 (&#8220;Junior Facility&#8221;). The Lenders of the Senior Facility are Hamburg Commercial Bank AG
        (&#8220;HCOB&#8221;), Deutsche Bank AG and CIT Bank N.A and the Lenders of the Junior Facility are Blue Ocean GP LLC, Blue Ocean Income Fund LP, Blue Ocean Onshore Fund LP, Entrustpermal ICAV, Blue Ocean Investments SPC one and Blue Ocean Investments SPC for
        three. The final maturity of both Facilities (Senior and Junior) will be June 30, 2022. In addition to the repayment schedule a cash sweep mechanism based on a DSCR ratio of 1.10:1 (DSCR ratio is the ratio of Cash Flow to the Cash Flow Debt
        Service) will apply pro rata against the Senior Facility and the Junior Facility.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;"><u>Senior Facility</u></div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Senior Facility is comprised of three Tranches. Tranche A relates to Al Khor and is repayable in 14 instalments of $868, and a final instalment of
        $35,148. Tranche B relates to Anthea Y and is repayable in 14 instalments of $863 and a final instalment of $35,218. Tranche C relates to Maira XL and is repayable in 14 instalments of $858 and a final instalment of $35,288.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Senior Facility bears interest at LIBOR plus 3.00% payable quarterly in arrears.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">As of March 31, 2021, the outstanding balance on the Senior Facility was $114,590.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;"><u>Junior Facility</u></div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Junior Facility is comprised of three Tranches. Tranche A relates to Al Khor and is repayable in 14 instalments of $236 and a final instalment of
        $9,563. Tranche B relates to Anthea Y and is repayable in 14 instalments of $235 and a final instalment of $9,577. Tranche C relates to Maira XL and is repayable in 14 instalments of $233 and a final instalment of $9,604.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Junior Facility bears interest at LIBOR plus 10.00% payable quarterly in arrears.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">As of March 31, 2021, the outstanding balance on the Junior Facility was $31,171. In April and May 2021, the Company entered into two new credit facilities
        in order to refinance the existing Tranche C and Tranche A, respectively (see Note 10).</div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">g)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$65.0 Million Hayfin Credit Facility</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On September&#160;7, 2018, the Company and certain subsidiaries entered into a facility agreement with Hayfin Services LLP (the &#8220;Lenders&#8221;) which provided for a
        secured term loan facility of up to $65,000. The Hayfin Credit Facility was to be borrowed in tranches and was to be used in connection with the acquisition of vessels as specified in the Hayfin Credit Facility or as otherwise agreed with the
        Lenders. Hayfin Credit Facility, which is non-amortizing, was available for drawing until May&#160;10, 2019 and has a final maturity date of July&#160;16, 2022. The interest rate is LIBOR plus a margin of 5.5% and is payable at each quarter end date. A
        commitment fee of 2.0% per annum was due on the undrawn commitments until May&#160;10, 2019 when the availability period was terminated. Any debt drawn under the Hayfin Credit Facility will be secured by first priority vessel mortgage on the acquired
        vessel (the &#8220;Facility Mortgaged Vessel&#8221;) and by assignments of earnings and insurances, pledges over certain bank accounts, as well as share pledges over each subsidiary owning a Facility Mortgaged Vessel. In addition, the Hayfin Credit Facility is
        fully and unconditionally guaranteed, jointly and severally, by the Company, GSL Holdings, Inc. and Facility Mortgaged vessel owning subsidiaries. An initial tranche of $8,125 was drawn on September&#160;10, 2018 in connection with the acquisition of
        the GSL Valerie.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">As of March 31, 2021, the outstanding balance of this facility was $5,833.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-16</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-top: 9.9pt;"><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Global Ship Lease, Inc.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Notes to the Interim Unaudited Condensed Consolidated Financial Statements (continued)</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">(Expressed in thousands of U.S. dollars except share data)</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Long-Term Debt (continued)</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">h)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$59.0 Million Hellenic Bank Credit Facility</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On May 23, 2019, the Company via its subsidiaries, Global Ship Lease 30, 31 and 32 entered into a facility agreement with Hellenic Bank for an amount up to
        $37,000. The Hellenic Bank Facility is to be borrowed in tranches and is to be used in connection with the acquisition of the vessels GSL Eleni, GSL Grania and GSL Kalliopi (see note 3).</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">An initial tranche of $13,000 was drawn on May&#160;24, 2019, in connection with the acquisition of the GSL Eleni. The Facility is repayable in 20 equal
        quarterly instalments of $450 each with a final balloon of $4,000 payable together with the final instalment.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">A second tranche of $12,000 was drawn on September 4, 2019, in connection with the acquisition of GSL Grania. The Facility is repayable in 20 equal
        quarterly instalments of $400 each with a final balloon of $4,000 payable together with the final instalment.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The third tranche of $12,000 was drawn on October 3, 2019, in connection with the acquisition of GSL Kalliopi. The Facility is repayable in 20 equal
        quarterly instalments of $400 each with a final balloon of $4,000 payable together with the final instalment.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On December 10, 2019, the Company via its subsidiaries Global Ship Lease 33 and 34 entered into an amended and restated loan agreement with Hellenic Bank
        for an additional facility of amount $22,000 that is to be borrowed in two tranches and to be used in connection with the acquisition of the vessels GSL Vinia and GSL Christel Elisabeth. Both tranches were drawn on December 10, 2019 and are each
        repayable in 20 equal quarterly instalments of $375 each with a final balloon of $3,500 payable together with the final instalment.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">This facility bears interest at LIBOR plus a margin of 3.90% per annum.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">As of March 31, 2021, the outstanding balance of this facility was $47,700.</div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$9.0 Million Chailease Credit Facility</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On February 26, 2020, the Company via its subsidiaries, Athena Marine LLC, Aphrodite Marine LLC and Aris Marine LLC entered into a secured term facility
        agreement with Chailease International Financial Services Pte., Ltd. for an amount of $9,000. The Chailease Bank Facility was used for the refinance of DVB Credit Facility (see note 4k).</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Facility is repayable in 36 consecutive monthly instalments $156 and 24 monthly instalments of $86 with a final balloon of $1,314 payable together with
        the final instalment.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">This facility bears interest at LIBOR plus a margin of 4.20% per annum.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">As of March 31, 2021, the outstanding balance of this facility was $7,128.</div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">j)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Repayment Schedule</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Maturities of long-term debt subsequent to March 31, 2021 are as follows:</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">Payment due by period ended</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman', serif; font-weight: bold;">Amount</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">March 31, 2022</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">73,482</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 88%;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">March 31, 2023</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">199,937</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">March 31, 2024</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">60,075</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 88%;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">March 31, 2025</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">310,808</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">March 31, 2026 and thereafter</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">124,680</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 4px;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">768,982</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-17</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Global Ship Lease, Inc.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Notes to the Interim Unaudited Condensed Consolidated Financial Statements (continued)</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">(Expressed in thousands of U.S. dollars except share data)</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Long-Term Debt (continued)</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">k)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Deferred Financing Costs</div>
            </td>
          </tr>

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

          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman', serif; font-weight: bold;">March 31,</div>
              <div style="text-align: right; font-family: 'Times New Roman', serif; font-weight: bold;">2021</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman', serif; font-weight: bold;">December 31,</div>
              <div style="text-align: right; font-family: 'Times New Roman', serif; font-weight: bold;">2020</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Opening balance</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">11,203</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">14,095</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Expenditure in the period</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">4,236</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">1,193</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Amortization included within interest expense</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(4,406</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(4,085</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">Closing balance</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">11,033</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">11,203</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">During 2021, total costs amounting to $187 were incurred in connection with the &#8220;At Market Issuance Sales Agreement&#8221; of 2024 Notes (see note 4c). In
        addition, total costs amounting $4,049 were incurred in connection with the New Hayfin Facility that was drawn down during the three months ended March 31, 2021 (see note 4b).</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">During 2020, total costs amounting $776 were incurred in connection with the &#8220;At Market Issuance Sales Agreement&#8221; of 2024 Notes (see note 4c). In addition,
        total costs amounting $67 were incurred in connection with the Syndicated Senior Secured Credit Facility (see note 4d), costs amounting $320 in connection with the Chailease Credit Facility (see note 4j) and costs amounting $30 in connection with
        the two Tranches of Hellenic Bank Credit Facility that were drawn down during the twelve months ended December 31, 2020 (see note 4i).</div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">l)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Debt covenants-securities</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Amounts drawn under the facilities listed above are secured by first priority mortgages on certain of the Company&#8217;s vessels and other collateral. The credit
        facilities contain a number of restrictive covenants that limit the Company from, among other things: incurring or guaranteeing indebtedness; charging, pledging or encumbering the vessels; and changing the flag, class, management or ownership of
        the vessel owning entities. The credit facilities also require the vessels to comply with the ISM Code and ISPS Code and to maintain valid safety management certificates and documents of compliance at all times. Additionally, specific credit
        facilities require compliance with a number of financial covenants including asset cover ratios and minimum liquidity and corporate guarantor requirements. Among other events, it will be an event of default under the credit facilities if the
        financial covenants are not complied with, or remedied.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">As of March 31, 2021, and December 31, 2020, the Company was in compliance with its debt covenants.</div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 35.45pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">5.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Related Party Transactions</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;"><u>CMA CGM</u></div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">CMA CGM is presented as a related party due to the fact that as of March 31, 2021 and December 31, 2020, it was a Company shareholder, owning Class A common
        shares representing 8.4% and 11.13% of voting rights, respectively, in the Company. Amounts due to and from CMA CGM companies are shown within amounts due to or from related parties in the interim unaudited Consolidated Balance Sheets.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;"><u>Time Charter Agreements</u></div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">A number of the Company&#8217;s time charter arrangements are with CMA CGM, a significant source of the Company&#8217;s operating revenues, and consequently the Company
        is dependent on the performance by CMA CGM of its obligations under these charters, which operate in an industry that is subject to volatility. Under these time charters, hire is payable in advance and the daily rate is fixed for the duration of
        the charter. Revenues generated from charters to CMA CGM are disclosed separately in the interim unaudited Consolidated Statements of Operations. The outstanding receivables due from CMA CGM are presented in the interim unaudited Consolidated
        Balance Sheets under "Due from related parties" totaling $1,195 and $1,278 as of March 31, 2021 and December&#160;31, 2020, respectively.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-18</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="margin-top: 9.9pt;"><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Global Ship Lease, Inc.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Notes to the Interim Unaudited Condensed Consolidated Financial Statements (continued)</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">(Expressed in thousands of U.S. dollars except share data)</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 35.45pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">5.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Related Party Transactions (continued)</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;"><u>Ship Management Agreements</u></div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Technomar Shipping Inc. (&#8220;Technomar&#8221;) is presented as a related party, as the Company&#8217;s Executive Chairman is a significant shareholder. The Company has
        currently ship management agreement with Technomar for all fleet under which the ship manager is responsible for all day-to-day ship management, including crewing, purchasing stores, lubricating oils and spare parts, paying wages, pensions and
        insurance for the crew, and organizing other ship operating necessities, including the arrangement and management of dry-docking. As of March 31, 2021, and 2020, the management of the Company&#8217;s fleet was performed solely by Technomar.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The management fees charged to the Company by Technomar for the three months ended March 31, 2021 amounted to $3,290 (three months ended March 31, 2020:
        $3,037) and are shown in vessel operating expenses-related parties in the interim unaudited Consolidated Statements of Operations. As of March 31, 2021, no outstanding fees are presented due to Technomar (December 31, 2020: $nil). Additionally, as
        of March 31, 2021, outstanding receivables due from Technomar and CMA Ships totaling to $1,534 and $10 respectively are presented under &#8220;Due from related parties&#8221; (December 31, 2020: Technomar: $184 and CMA Ships: $10).</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Conchart Commercial Inc. (&#8220;Conchart&#8221;) provides commercial management services to the Company and is presented as a related party, as the Company&#8217;s Executive
        Chairman is the sole beneficial owner. Under the management agreements, Conchart, is responsible for (i) marketing of the Company&#8217;s vessels, (ii) seeking and negotiating employment of the Company&#8217;s vessels, (iii) advise the Company on market
        developments, developments of new rules and regulations, (iv) assisting in calculation of hires, freights, demurrage and/or dispatch monies and collection any sums related to the operation of vessels, (v) communicating with agents, and (vi)
        negotiating sale and purchase transactions. For the 19 vessels of Poseidon Fleet, the agreements were effective from the date of the completion of the Poseidon Transaction; for the GSL Fleet, till refinance of 2022 Notes which took place on January
        2021 an EBSA agreement was in place that was terminated and replaced with commercial management agreements also same agreements applied to seven vessels up to March 31, 2021; for all new acquired vessels during 2019 and 2020, the agreements were
        effective upon acquisition.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The fees charged to the Company by Conchart for the three months ended March 31, 2021 amounted to $689 (three months ended March 31, 2020: $610) and are
        disclosed within time charter and voyage costs-related parties in the interim unaudited Consolidated Statements of Operations.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Any outstanding fees due to Conchart are presented in the interim unaudited Consolidated Balance Sheets under "Due to related parties" totaling to $257 and
        $225 as of March 31, 2021 and December&#160;31, 2020, respectively.</div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">6.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Commitments and Contingencies</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Charter Hire Receivable</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Company has entered time charters for its vessels. The charter hire is fixed for the duration of the charter. The minimum contracted future charter hire
        receivable, net of address commissions, not allowing for any unscheduled off-hire, assuming expiry at earliest possible dates and assuming options callable by the Company included in the charters are not exercised, for the 43 vessels as at March
        31, 2021 is as follows:</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">Period ending</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman', serif; font-weight: bold;">Amount</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">March 31, 2022</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">276,997</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">March 31, 2023</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">208,787</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">March 31, 2024</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">148,413</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">March 31, 2025</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">28,418</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Thereafter</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">8,686</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 4px;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">Total minimum lease revenue, net of address commissions</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">671,301</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-19</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Global Ship Lease, Inc.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Notes to the Interim Unaudited Condensed Consolidated Financial Statements (continued)</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">(Expressed in thousands of U.S. dollars except share data)</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;">7</font><font style="font-family: 'Times New Roman', serif;">.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Share Capital</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Common shares</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">As of March 31, 2021, the Company had one class of common shares.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On January 12, 2021, the Company announced that Board of Directors approved the initiation of a quarterly cash dividend of $0.12 per Class A Common Share,
        with effect from the first quarter of 2021.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Restricted stock units or incentive stock units have been granted periodically to the Directors and management, under the Company&#8217;s Equity Incentive Plans,
        as part of their compensation arrangements (see note 8). In April 2020, 184,270 shares were issued under grants made under the Equity Incentive Plan. In January 2021, 45,313 Class A common shares were issued under the Equity Incentive Plan.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On January 20, 2021, upon the redemption in full of the 2022 Notes, KEP VI (Newco Marine) Ltd. and KIA VIII (Newco Marine) Ltd. (together, &#8220;Kelso&#8221;), both
        affiliates of Kelso &amp; Company, a U.S. private equity firm, exercised their right to convert an aggregate of 250,000 Series C Perpetual Convertible Preferred Shares, representing all such shares outstanding, into Class A common shares of the
        Company, resulting in issuance of an aggregate of 12,955,188 Class A common shares to Kelso.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On January 26, 2021, the Company completed its underwritten public offering of 5,400,000 Class A common shares, at a public offering price of $13.00 per
        share, for gross proceeds to the Company of approximately&#160;$70,200, prior to deducting underwriting discounts, commissions and other offering expenses. The Company intends to use the net proceeds of the offering for funding the expansion of the
        Company&#8217;s fleet, general corporate purposes, and working capital. On February 17, 2021, the Company issued an additional 141,959 Class A common shares in connection with the underwriters&#8217; partial exercise of their option to purchase additional
        shares (together, the &#8220;January 2021 Equity Offering&#8221;). The net proceeds the Company received in the January 2021 Equity Offering, after underwriting discounts and commissions and expenses, were approximately $67,758. As at March 31, 2021, the
        Company had 36,283,468 Class A common shares outstanding.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">During the three months ended March 31, 2021, the Board of Directors approved additional awards of 61,625 of Class A common shares under 2019 Plan resulting
        in a total amount of awards totaling up to 1,421,000 shares.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Preferred shares</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On December 10, 2019, the Company entered into At Market Issuance Sales Agreement with B. Riley FBR under which the Company may, from time to time, issue
        additional depositary shares, each of which represents 1/100th of one share of the Company&#8217;s Series B Preferred Shares (the &#8220;Depositary Share ATM Program&#8221;). Pursuant to the Depositary Share ATM Program, in 2019, the Company issued 42,756 depositary
        shares (representing an interest in 428 Series B Preferred Shares) for net proceeds of $856, and during year ended December 31, 2020, the Company issued 839,442 depositary shares (representing an interest in 8,394 Series B Preferred Shares) for net
        proceeds of $18,847. During three-month period ended March 31, 2021, the Company issued 435,683 depositary shares (representing an interest in 436 Series B Preferred Shares) for net proceeds of approximately $10,696. As of March 31, 2021, the
        Company had 27,178 Series B Preferred Shares outstanding.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On August 20, 2014, the Company issued 1,400,000 Series B Preferred Shares. The net proceeds from the offering were $33,497. Dividends are payable at 8.75%
        per annum in arrears on a quarterly basis.&#160;At any time after August 20, 2019 (or within 180 days after the occurrence of a fundamental change), the Series B Preferred Shares may be redeemed, at the discretion of the Company, in whole or in part, at
        a redemption price of $2,500.00 per share (equivalent to $25.00 per depositary share).</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">These shares are classified as Equity in the interim unaudited condensed Consolidated Balance Sheets. The dividends payable on the Series B Preferred Shares
        are presented as a reduction of Retained Earnings in the interim unaudited Consolidated Statements of Shareholders&#8217; Equity, when and if declared by the Board of Directors. An initial dividend was declared on September 22, 2014 for the third quarter
        2014. Subsequent dividends have been declared for all quarters.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-20</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-top: 9.9pt;"><br>
      </div>
      <div style="margin-top: 9.9pt;"><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Global Ship Lease, Inc.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Notes to the Interim Unaudited Condensed Consolidated Financial Statements (continued)</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">(Expressed in thousands of U.S. dollars except share data)</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">8.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Share-Based Compensation</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On February 4, 2019, the 2019 Plan was adopted. The 2019 Plan is administered by the Compensation Committee of the Board. The maximum aggregate number of
        Class&#160;A common shares that may be delivered pursuant to awards granted under the 2019 Plan during its 10-year term is 1,812,500. The maximum number of Class&#160;A common shares with respect to which awards may be granted to any non-employee director in
        any one calendar year is 12,500 shares or $100,000.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">In July 2019, the Compensation Committee of the Board of Directors approved stock-based awards to senior management under the Company&#8217;s 2019 Omnibus
        Incentive Plan (the &#8220;2019 Plan&#8221;). A total of 1,421,000 shares of incentive stock may be issued pursuant to the awards, in four tranches, after the approval of the Board of Directors of additional awards of 61,625 of Class A Common Shares. The first
        tranche is to vest conditioned only on continued service over the three year period which commenced January 1, 2019. Tranches two, three and four will vest when the Company&#8217;s stock price exceeds $8.00, $11.00 and $14.00, respectively, over a 60 day
        period. The $8.00 threshold was achieved in January 2020 and the $11.00 threshold was achieved in January 2021 and the $14.00 threshold was achieved in March 2021. Accordingly, 113,279 incentive shares vested in the year ended December 31, 2019,
        317,188 incentive shares vested in the year ended December 31, 2020 and 901,716 incentive shares vested in the three months ended March 31, 2021. Of the total of 430,467 which vested till the end of December 31, 2020, 184,270 were settled and were
        issued as Class A common shares in April 2020.&#160; A further 45,313 Class A common shares were issued in January 2021. A total of 1,332,183 incentive shares have vested as at March 31, 2021, out of which 229,583 Class A common shares were issued.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Share based awards since January&#160;1, 2020, are summarized as follows:</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">
              <div style="font-family: 'Times New Roman', serif;">&#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="10">
              <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Restricted Stock Units</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">&#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="10">
              <div style="font-family: 'Times New Roman',serif;">Number of Units</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">
              <div style="font-family: 'Times New Roman', serif;">&#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">
              <div style="font-family: 'Times New Roman',serif;">Number</div>
            </td>
            <td nowrap="nowrap" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; padding-bottom: 2px; text-align: center;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">
              <div style="font-family: 'Times New Roman',serif;">Weighted Average</div>
              <div style="font-family: 'Times New Roman',serif;">Fair Value on </div>
              <div style="font-family: 'Times New Roman',serif;">Grant Date</div>
            </td>
            <td nowrap="nowrap" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; padding-bottom: 2px; text-align: center;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">
              <div style="font-family: 'Times New Roman',serif;">Actual</div>
              <div style="font-family: 'Times New Roman',serif;"> Fair Value on </div>
              <div style="font-family: 'Times New Roman',serif;">Vesting Date</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Unvested as at January 1, 2020</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">1,246,096</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">3.79</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">n/a</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64%; padding-bottom: 2px;">
              <div style="font-family: 'Times New Roman', serif;">Vested in 2020</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(317,188</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">4.45</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Unvested as at December 31, 2020</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">928,908</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">3.79</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">n/a</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64%;">
              <div style="font-family: 'Times New Roman', serif;">Granted on March 11, 2021</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">61,625</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">11.72</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">n/a</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(901,716</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">n/a</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">3.83</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64%; padding-bottom: 4px;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Unvested as at March 31, 2021</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">88,817</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">5.08</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">n/a</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
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      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Using the graded vesting method of expensing the restricted stock unit grants, the weighted average fair value of the stock units is recognized as
        compensation costs in the interim unaudited Consolidated Statements of Operations over the vesting period. The fair value of the restricted stock units for this purpose is calculated by multiplying the number of stock units by the fair value of the
        shares at the grant date. The Company has not factored any anticipated forfeiture into these calculations based on the limited number of participants.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">For the three months ended March&#160;31, 2021 and 2020, the Company recognized a total of $1,704 and $429, respectively, in respect of stock based compensation.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-21</font></div>
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          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-top: 9.9pt;"><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Global Ship Lease, Inc.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Notes to the Interim Unaudited Condensed Consolidated Financial Statements (continued)</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">(Expressed in thousands of U.S. dollars except share data)</div>
      <div><br>
      </div>
      <div><br>
      </div>
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          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">9.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Earnings per Share</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Under the two-class method, net income, if any, is first reduced by the amount of dividends declared in respect of common shares for the current period, if
        any, and the remaining earnings are allocated to common shares and participating securities to the extent that each security can share the earnings assuming all earnings for the period are distributed. The net income allocated to Class A and Series
        C shares was based on an as converted basis utilizing the two-class method.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Earnings are only allocated to participating securities in a period of net income if, based on the contractual terms, the relevant common shareholders have
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      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">At March 31, 2021, there were 88,817 shares of restricted stock units granted and unvested as part of management&#8217;s equity incentive plan. At March 31, 2020,
        there were 1,359,375 shares of restricted stock units granted and unvested as part of management&#8217;s equity incentive plan.</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="6">
              <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Three months ended</div>
              <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">March 31,</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman', serif; font-weight: bold;"> 2021</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman', serif; font-weight: bold;"> 2020</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
              <div style="font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Numerator:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Net income attributable to common shareholders</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">4,159</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">621</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
              <div style="font-family: 'Times New Roman', serif;">Undistributed income attributable to Series C participating preferred shares</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(264</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Net income available to common shareholders, basic and diluted</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">4,159</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">357</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Net income available to:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">4,159</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">357</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="font-family: 'Times New Roman', serif;">Class A, basic and diluted</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Denominator:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Class A Common shares</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="font-family: 'Times New Roman', serif;">Basic weighted average number of common shares outstanding</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">31,965,287</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">17,556,738</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Plus weighted average number of RSUs with service conditions</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">53,994</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div style="font-family: 'Times New Roman', serif;">Common share and common share equivalents, dilutive</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Basic earnings per share:</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Class A</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">0.13</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div style="font-family: 'Times New Roman', serif;">0.02</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="font-family: 'Times New Roman', serif;">Class A</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">0.02</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Series C Preferred Shares-basic and diluted earnings per share:</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Undistributed income attributable to Series C participating preferred shares</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">&#8212;</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">264</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%;">
              <div style="font-family: 'Times New Roman', serif;">Basic weighted average number of Series C Preferred shares outstanding, as converted</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">&#8212;</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">12,955,188</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Plus weighted average number of RSUs with service conditions</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">&#8212;</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">2,879</div>
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          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="font-family: 'Times New Roman', serif;">Dilutive weighted average number of Series C Preferred shares outstanding, as converted</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">&#8212;</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">12,958,067</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Basic earnings per share</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">n/a</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">0.02</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="font-family: 'Times New Roman', serif;">Diluted earnings per share</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">n/a</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">0.02</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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      <div style="margin-top: 9.9pt;"><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-22</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-top: 9.9pt;"><br>
      </div>
      <div style="margin-top: 9.9pt;"><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Global Ship Lease, Inc.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Notes to the Interim Unaudited Condensed Consolidated Financial Statements (continued)</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">(Expressed in thousands of U.S. dollars except share data)</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">10.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Subsequent events</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">After the period end and up to May 9, 2021, the Company issued and sold an aggregate of 418,977 depositary shares (representing an interest in 419 Series B
        Preferred Shares) in connection with the At Market Issuance Sales Agreement for net proceeds of $10,268.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">After the period end and end up to May 9, 2021, a further $7,583 net proceeds were raised under the ATM program for the 2024 Notes.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On May 10, 2021 the Company declared a dividend of $0.25 per Class A common share from the earnings of the first quarter 2021 to be paid on June 3 to common
        shareholders of record as of May 24, 2021.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">In connection with the acquisitions announced by the Company (see note 1), on April 9, 2021, the Company paid advances of $11,606 in total. During the
        period from April 1, 2021 through May 9, 2021, four vessels have been delivered. The remaining vessels are scheduled for delivery during the second and third quarter of 2021. On April 15, 2021, the Company entered into a Senior Secured term loan
        facility with Hamburg Commercial Bank AG &#8220;the HCOB facility&#8221; in order to finance the acquisition of the six out of the seven vessels. The Company has already drawn down three Tranches of $10,700 each, amounting to a total of $32,100.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On April 13, 2021,&#160;the Company completed a secondary offering by certain shareholders of the Company (the &#8220;Offering&#8221;) of shares of Class A common stock, par
        value&#160;$0.01&#160;per share (the &#8220;Common Shares&#8221;). KEP VI (Newco Marine), Ltd. and KIA VIII (Newco Marine), Ltd., both affiliates of Kelso&#160;&amp; Company, a&#160;U.S.&#160;private equity firm, and&#160;Maas Capital Investments B.V.&#160;(together, the &#8220;Selling Shareholders&#8221;)
        agreed to sell an aggregate of&#160;4,500,000 Common Shares in the Offering at a public offering price of&#160;$12.50&#160;per Common Share. The 30-day option to purchase up to an additional&#160;675,000 Common Shares was fully utilized by the underwriters.&#160;On April
        13, 2021, the Company closed on the sale of the total 5,175,000 Class A common shares on behalf of these selling shareholders. The Company did not receive any proceeds from the sale of Class A Common Shares.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On April 16, 2021, the Company drew down in full on a new $51,700 secured credit facility to refinance one of the three existing tranches of the <font style="font-weight: bold;">$</font>180.5 Million Deutsche, CIT, HCOB, Entrust, Blue Ocean Credit Facility, that had a maturity date on June 30, 2022 (see note 4f).</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On May 7, 2021, the Company drew down in full on a new $51,670 secured credit facility to refinance the second of the three existing tranches of the <font style="font-weight: bold;">$</font>180.5 Million Deutsche, CIT, HCOB, Entrust, Blue Ocean Credit Facility, that had a maturity date on June 30, 2022 (see note 4f).</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
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