<SEC-DOCUMENT>0000919574-25-007142.txt : 20251121
<SEC-HEADER>0000919574-25-007142.hdr.sgml : 20251121
<ACCEPTANCE-DATETIME>20251121160843
ACCESSION NUMBER:		0000919574-25-007142
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		14
FILED AS OF DATE:		20251121
DATE AS OF CHANGE:		20251121

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SFL Corp Ltd.
		CENTRAL INDEX KEY:			0001289877
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-271504
		FILM NUMBER:		251507997

	BUSINESS ADDRESS:	
		STREET 1:		14 PAR-LA-VILLE ROAD
		CITY:			HAMILTON, HM 08
		STATE:			D0
		ZIP:			00000-0000
		BUSINESS PHONE:		441-295-9500

	MAIL ADDRESS:	
		STREET 1:		14 PAR-LA-VILLE ROAD
		CITY:			HAMILTON, HM 08
		STATE:			D0
		ZIP:			00000-0000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ship Finance International LTD
		DATE OF NAME CHANGE:	20040511
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>d12039455_424b-5.htm
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            <div style="text-align: right; font-family: 'Times New Roman', serif; font-weight: bold;">Filed Pursuant to Rule 424(b)(5)</div>
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            <div style="text-align: right; font-family: 'Times New Roman', serif; font-weight: bold;">Registration Statement No. 333-271504</div>
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    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">PROSPECTUS SUPPLEMENT</div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 18pt; font-weight: bold;">SFL CORPORATION LTD.</div>
    <div style="text-align: center; margin-bottom: 12pt;"><img height="166" width="176" src="image0.jpg"></div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 18pt; font-weight: bold;">DIVIDEND REINVESTMENT PLAN</div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 14pt; font-weight: bold;">10,000,000 Common Shares, $0.01 Par Value</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We are an international ship owning and chartering company with a large and diverse asset base across the maritime, shipping and offshore
      asset classes and business sectors.&#160;With this prospectus supplement, we are offering you the opportunity to participate in our Dividend Reinvestment Plan, or the &#8220;Plan.&#8221; The Plan allows our existing shareholders to increase their holdings of our
      common shares and gives new investors an opportunity to make an initial investment in our common shares.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">PLAN HIGHLIGHTS</div>
    <table cellspacing="0" cellpadding="0" id="z9e5cc174a77f45d7bb8e22ea6fd3cc88" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
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            <div style="font-family: 'Times New Roman', serif;">If you are an existing shareholder, you may purchase additional common shares by reinvesting all or a portion of the dividends paid on your common shares and by making optional cash
              investments of not less than $100 each and up to a maximum of $10,000 per month. In some instances, we may permit optional cash investments in excess of this maximum.</div>
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          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">If you are a new investor, you may join the Plan by making an initial investment of not less than $250 and up to a maximum of $10,000. In some instances, we may permit initial investments in
              excess of this maximum.</div>
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          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">As a participant in the Plan, you may authorize electronic deductions from your bank account for optional cash investments.</div>
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          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">We may offer discounts ranging from 0% to 5% on optional and initial cash investments that are made pursuant to a request for waiver (i.e., on investments that are in excess of $10,000). At
              our discretion the discount may be offered at variable rates on one, all or a combination of the sources of investments or not at all.</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Investing in our common shares involves risks. You should consider certain risk factors before enrolling in the Plan.
      See &#8220;<font style="color: #0000FF;"><u>Risk Factors</u></font>&#8221; on page S-4 of this prospectus supplement and the documents incorporated herein by reference for more information. We suggest you retain this prospectus supplement for future reference.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Our common shares are listed on the New York Stock Exchange under the symbol &#8220;SFL.&#8221; The last reported sales price of our common shares on
      November 20, 2025 was $8.10.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF
      THESE SECURITIES OR PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS SUPPLEMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">The date of this prospectus supplement is November 21, 2025.</div>
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    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">TABLE OF CONTENTS</div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Prospectus Supplement</div>
    <div style="text-indent: -36pt; margin-left: 36pt;"><br>
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              <div style="text-align: justify; font-family: 'Times New Roman', serif;">ABOUT THIS PROSPECTUS SUPPLEMENT</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-1<br>
              </div>
            </td>
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          <tr>
            <td colspan="2" style="width: 90.45%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-1</div>
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            <td colspan="2" style="width: 90.45%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">RISK FACTORS</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-4</div>
            </td>
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            <td colspan="2" style="width: 90.45%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">ENFORCEMENT OF CIVIL LIABILITIES</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-6</div>
            </td>
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            <td colspan="2" style="width: 90.45%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">WHERE YOU CAN FIND ADDITIONAL INFORMATION</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-6</div>
            </td>
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            <td colspan="2" style="width: 90.45%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">THE COMPANY</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-8</div>
            </td>
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              <div style="text-align: justify; font-family: 'Times New Roman', serif;">DESCRIPTION OF THE PLAN</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-8</div>
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              <div style="text-align: justify; font-family: 'Times New Roman', serif;">1.</div>
            </td>
            <td style="width: 85.47%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">What is the Plan?</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-8</div>
            </td>
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              <div style="text-align: justify; font-family: 'Times New Roman', serif;">2.</div>
            </td>
            <td style="width: 85.47%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">What features does the Plan offer?</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-8</div>
            </td>
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            <td style="width: 4.98%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">3.</div>
            </td>
            <td style="width: 85.47%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Who is the Plan Administrator and what does the Plan Administrator do?</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-9</div>
            </td>
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              <div style="text-align: justify; font-family: 'Times New Roman', serif;">4.</div>
            </td>
            <td style="width: 85.47%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">How do I contact the Plan Administrator?</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-9</div>
            </td>
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              <div style="text-align: justify; font-family: 'Times New Roman', serif;">5.</div>
            </td>
            <td style="width: 85.47%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">How do I enroll in the Plan if I am an existing shareholder and my common shares are registered in my name?</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-10</div>
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              <div style="text-align: justify; font-family: 'Times New Roman', serif;">6.</div>
            </td>
            <td style="width: 85.47%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">My shares are held in &#8220;street name.&#8221; How do I enroll in the Plan if I am an existing shareholder and my common shares are registered in the name of my broker, bank or
                other nominee?</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-10</div>
            </td>
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            <td style="width: 4.98%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">7.</div>
            </td>
            <td style="width: 85.47%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">How do I enroll if I am not currently a shareholder?</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-10</div>
            </td>
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            <td style="width: 4.98%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">8.</div>
            </td>
            <td style="width: 85.47%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">What are the fees associated with participation?</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-11</div>
            </td>
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            <td style="width: 4.98%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">9.</div>
            </td>
            <td style="width: 85.47%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">What are my options for additional cash investments once I am enrolled in the Plan?</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-11</div>
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              <div style="text-align: justify; font-family: 'Times New Roman', serif;">10.</div>
            </td>
            <td style="width: 85.47%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">What are my reinvestment options?</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-12</div>
            </td>
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            <td style="width: 4.98%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">11.</div>
            </td>
            <td style="width: 85.47%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Request for Waiver for Optional Monthly Cash Investments and Initial Investments in Excess of $10,000</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-13</div>
            </td>
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            <td style="width: 4.98%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">12.</div>
            </td>
            <td style="width: 85.47%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Purchases and Pricing of Common Shares Purchased Pursuant to a Request for Waiver</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-13</div>
            </td>
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            <td style="width: 4.98%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">13.</div>
            </td>
            <td style="width: 85.47%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Pricing Period Extension Feature</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-14</div>
            </td>
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            <td style="width: 4.98%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">14.</div>
            </td>
            <td style="width: 85.47%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">When are dividends paid?</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-14</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4.98%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">15.</div>
            </td>
            <td style="width: 85.47%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">When does the Plan Administrator purchase common shares?</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-15</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4.98%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">16.</div>
            </td>
            <td style="width: 85.47%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">How does the Plan Administrator purchase the common shares?</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-15</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4.98%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">17.</div>
            </td>
            <td style="width: 85.47%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">At what price will the Plan Administrator purchase the common shares?</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-16</div>
            </td>
          </tr>
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            <td style="width: 4.98%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">18.</div>
            </td>
            <td style="width: 85.47%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">May I enroll, view my account information, and execute transactions online?</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-16</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4.98%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">19.</div>
            </td>
            <td style="width: 85.47%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">What kind of reports will I receive as a participant in the Plan?</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-17</div>
            </td>
          </tr>
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            <td style="width: 4.98%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">20.</div>
            </td>
            <td style="width: 85.47%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Will I receive share certificates for my Plan shares?</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-17</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4.98%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">21.</div>
            </td>
            <td style="width: 85.47%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Can I deposit share certificates for safekeeping?</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-17</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4.98%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">22.</div>
            </td>
            <td style="width: 85.47%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">How do I sell my Plan shares?</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-17</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4.98%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">23.</div>
            </td>
            <td style="width: 85.47%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">How do I discontinue participation in the Plan?</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-18</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4.98%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">24.</div>
            </td>
            <td style="width: 85.47%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">What happens if I sell or transfer all the common shares registered in my name and held by me?</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-19</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4.98%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">25.</div>
            </td>
            <td style="width: 85.47%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">How do I transfer shares or give them as gifts?</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-19</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4.98%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">26.</div>
            </td>
            <td style="width: 85.47%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">What happens if we declare a dividend payable in common shares or declare a stock split?</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-19</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4.98%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">27.</div>
            </td>
            <td style="width: 85.47%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">How will my common shares held by the Plan Administrator be voted at meetings of shareholders?</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-19</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4.98%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">28.</div>
            </td>
            <td style="width: 85.47%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">Limitation of Liability</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-20</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 90.45%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">USE OF PROCEEDS</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-20</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 90.45%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-20</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 90.45%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">PLAN OF DISTRIBUTION</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-22</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 90.45%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">EXPENSES</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-23</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 90.45%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">EXPERTS</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-23</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 90.45%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">LEGAL MATTERS</div>
            </td>
            <td style="width: 9.55%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', serif;">S-23</div>
            </td>
          </tr>

      </table>
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      </div>
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    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">i</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
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    </div>
    <div><br>
    </div>
    <div style="text-align: center; margin-bottom: 8pt; font-family: 'Times New Roman', serif; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; margin-bottom: 8pt; font-family: 'Times New Roman', serif; font-weight: bold;">Base Prospectus</div>
    <div><br>
    </div>
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        <tr>
          <td style="width: 95.71%; vertical-align: middle;">&#160;</td>
          <td style="width: 1.07%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.54%; vertical-align: middle;">&#160;</td>
          <td style="width: 2.14%; vertical-align: middle; text-align: right;">&#160;</td>
          <td style="width: 0.54%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 95.71%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">ABOUT THIS PROSPECTUS</div>
          </td>
          <td style="width: 1.07%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.54%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.14%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',serif;">ii</div>
          </td>
          <td nowrap="nowrap" style="width: 0.54%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 95.71%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">PROSPECTUS SUMMARY</div>
          </td>
          <td style="width: 1.07%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.54%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.14%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',serif;">1</div>
          </td>
          <td nowrap="nowrap" style="width: 0.54%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 95.71%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</div>
          </td>
          <td style="width: 1.07%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.54%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.14%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',serif;">5</div>
          </td>
          <td nowrap="nowrap" style="width: 0.54%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 95.71%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">RISK FACTORS</div>
          </td>
          <td style="width: 1.07%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.54%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.14%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',serif;">9</div>
          </td>
          <td nowrap="nowrap" style="width: 0.54%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 95.71%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">USE OF PROCEEDS</div>
          </td>
          <td style="width: 1.07%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.54%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.14%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',serif;">10</div>
          </td>
          <td nowrap="nowrap" style="width: 0.54%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 95.71%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">CAPITALIZATION</div>
          </td>
          <td style="width: 1.07%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.54%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.14%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',serif;">11</div>
          </td>
          <td nowrap="nowrap" style="width: 0.54%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 95.71%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">ENFORCEABILITY OF CIVIL LIABILITIES</div>
          </td>
          <td style="width: 1.07%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.54%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.14%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',serif;">12</div>
          </td>
          <td nowrap="nowrap" style="width: 0.54%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 95.71%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">DESCRIPTION OF SHARE CAPITAL</div>
          </td>
          <td style="width: 1.07%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.54%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.14%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',serif;">13</div>
          </td>
          <td nowrap="nowrap" style="width: 0.54%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 95.71%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">DESCRIPTION OF DEBT SECURITIES</div>
          </td>
          <td style="width: 1.07%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.54%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.14%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',serif;">17</div>
          </td>
          <td nowrap="nowrap" style="width: 0.54%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 95.71%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">DESCRIPTION OF WARRANTS</div>
          </td>
          <td style="width: 1.07%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.54%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.14%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',serif;">24</div>
          </td>
          <td nowrap="nowrap" style="width: 0.54%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 95.71%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">DESCRIPTION OF PURCHASE CONTRACTS</div>
          </td>
          <td style="width: 1.07%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.54%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.14%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',serif;">25</div>
          </td>
          <td nowrap="nowrap" style="width: 0.54%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 95.71%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">DESCRIPTION OF RIGHTS</div>
          </td>
          <td style="width: 1.07%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.54%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.14%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',serif;">26</div>
          </td>
          <td nowrap="nowrap" style="width: 0.54%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 95.71%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">DESCRIPTION OF UNITS</div>
          </td>
          <td style="width: 1.07%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.54%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.14%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',serif;">27</div>
          </td>
          <td nowrap="nowrap" style="width: 0.54%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 95.71%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">PLAN OF DISTRIBUTION</div>
          </td>
          <td style="width: 1.07%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.54%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.14%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',serif;">28</div>
          </td>
          <td nowrap="nowrap" style="width: 0.54%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 95.71%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">EXPENSES</div>
          </td>
          <td style="width: 1.07%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.54%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.14%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',serif;">30</div>
          </td>
          <td nowrap="nowrap" style="width: 0.54%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 95.71%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">LEGAL MATTERS</div>
          </td>
          <td style="width: 1.07%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.54%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.14%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',serif;">31</div>
          </td>
          <td nowrap="nowrap" style="width: 0.54%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 95.71%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">EXPERTS</div>
          </td>
          <td style="width: 1.07%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.54%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.14%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',serif;">31</div>
          </td>
          <td nowrap="nowrap" style="width: 0.54%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 95.71%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">WHERE YOU CAN FIND ADDITIONAL INFORMATION</div>
          </td>
          <td style="width: 1.07%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.54%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.14%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',serif;">31</div>
          </td>
          <td nowrap="nowrap" style="width: 0.54%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">ii</font></div>
      <div class="BRPFPageBreak" 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>
    <!--PROfilePageNumberReset%Num%1%S-%%-->
    <div style="text-align: center; margin-bottom: 8pt; font-family: 'Times New Roman', serif; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; margin-bottom: 8pt; font-family: 'Times New Roman', serif; font-weight: bold;">ABOUT THIS PROSPECTUS SUPPLEMENT</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">You should read both this prospectus supplement and the accompanying prospectus, together with additional information described under the
      heading &#8220;Where You Can Find Additional Information&#8221; in this prospectus supplement and in the accompanying prospectus. This prospectus supplement and the accompanying prospectus are part of the registration statement on Form F-3ASR that we have filed
      with the U.S. Securities and Exchange Commission (the &#8220;Commission&#8221;), under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;). This prospectus supplement and the accompanying prospectus do not contain all of the information in the
      registration statement. We have omitted certain parts of the registration statement, as permitted by the rules and regulations of the Commission. You may find the registration statement, including exhibits, on the Commission&#8217;s website at www.sec.gov.
      See &#8220;Where You Can Find Additional Information&#8221; in this prospectus supplement and the accompanying prospectus.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Unless specifically noted otherwise in this prospectus supplement, all references to &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; or the &#8220;Company&#8221; refer to SFL
      Corporation Ltd. and its subsidiaries.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">If the information set forth in this prospectus supplement differs in any way from the information set forth in the accompanying
      prospectus, you should rely on the information set forth in this prospectus supplement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">You should rely only on the information contained in or incorporated by reference into this prospectus supplement and the accompanying
      prospectus. This prospectus supplement may be used only for the purpose for which it has been prepared. No one is authorized to give information other than that contained in this prospectus supplement and the accompanying prospectus and in the
      documents incorporated by reference herein and in the accompanying prospectus.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We are not making an offer to sell our common shares in any jurisdiction where the offer or sale is not permitted. You should not assume
      that the information appearing in this prospectus supplement, the accompanying prospectus or any document incorporated by reference herein or therein is accurate as of any date other than the date of the applicable document. Our business, financial
      condition, results of operations, and prospects may have changed since that date. Neither this prospectus supplement nor the accompanying prospectus constitutes an offer, or an invitation on our behalf, to subscribe for and purchase any of the
      securities, and may not be used for or in connection with an offer or solicitation by anyone, in any jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation.</div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Matters discussed in this prospectus supplement and the accompanying prospectus, and the documents that we have filed with the Commission
      that are incorporated by reference into this prospectus supplement and the accompanying prospectus, may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking
      statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include, but are not limited to, statements concerning plans, objectives, goals, strategies, future events or performance,
      underlying assumptions and other statements, which are other than statements of historical facts.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We desire to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are including this
      cautionary statement pursuant to this safe harbor legislation. This prospectus supplement, and the accompanying prospectus, and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our
      current views with respect to future events and financial performance and are not intended to give any assurance as to future results. When used in this prospectus supplement, and the accompanying prospectus, the words &#8220;believe,&#8221; &#8220;anticipate,&#8221;
      &#8220;intend,&#8221; &#8220;estimate,&#8221; &#8220;forecast,&#8221; &#8220;project,&#8221; &#8220;plan,&#8221; &#8220;potential,&#8221;&#160;&#8220;will,&#8221; &#8220;may,&#8221; &#8220;should,&#8221; &#8220;expect,&#8221; &#8220;targets,&#8221; &#8220;likely,&#8221; &#8220;would,&#8221; &#8220;could&#8221; &#8220;seeks,&#8221; &#8220;continue,&#8221; &#8220;possible,&#8221; &#8220;might,&#8221; &#8220;pending&#8221; and similar expressions, terms or phrases may identify
      forward-looking statements.</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">S-1</font></div>
      <div class="BRPFPageBreak" 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: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The forward-looking statements herein are based upon various assumptions, many of which are based, in turn, upon further assumptions,
      including, without limitation, management&#8217;s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these
      assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or
      projections.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Such statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions.
      Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or intended. We are making
      investors aware that such forward-looking statements, because they relate to future events, are by their very nature subject to many important factors that could cause actual results to differ materially from those contemplated. In addition to these
      important factors and matters discussed elsewhere herein, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to:</div>
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          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
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            <div style="font-family: 'Times New Roman', serif;">the strength of world economies and currencies;</div>
          </td>
        </tr>

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          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
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            <div style="font-family: 'Times New Roman', serif;">inflationary pressures and central bank policies intended to combat overall inflation and rising interest rates and foreign exchange rates;</div>
          </td>
        </tr>

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          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
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            <div style="font-family: 'Times New Roman', serif;">our ability to generate cash to service our indebtedness;</div>
          </td>
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          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
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            <div style="font-family: 'Times New Roman', serif;">our ability to continue to satisfy our financial and other covenants, or obtain waivers relating to such covenants from our lenders under our credit facilities;</div>
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          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">the availability of financing and refinancing, as well as our ability to obtain such financing or refinancing in the future to fund capital expenditures, acquisitions and other general
              corporate activities and our ability to comply with the restrictions and other covenants in our financing arrangements;</div>
          </td>
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          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">our counterparties&#8217; ability or willingness to honor their obligations under agreements with us;</div>
          </td>
        </tr>

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          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">general market conditions in the seaborne transportation industry, which is cyclical and volatile, including fluctuations in charter hire rates and vessel values;</div>
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          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">prolonged or significant downturns in the tanker, dry-bulk carrier, container, car carrier and/or offshore drilling charter markets;</div>
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          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">the volatility of oil and gas prices, which effects, among other things, several sectors of the maritime, shipping and offshore industries, including oil transportation, dry bulk shipments,
              oil products transportation, car transportation and drilling rigs;</div>
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          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
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            <div style="font-family: 'Times New Roman', serif;">a decrease in the value of the market values of our vessels and drilling rigs;</div>
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          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
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            <div style="font-family: 'Times New Roman', serif;">an oversupply of vessels, including drilling rigs, which could lead to reductions in charter hire rates and profitability;</div>
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          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
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            <div style="font-family: 'Times New Roman', serif;">any inability to retain and recruit qualified key executives, key employees, key consultants or skilled workers;</div>
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          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
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            <div style="font-family: 'Times New Roman', serif;">the potential difference in interests between or among certain of our directors, officers, key executives and shareholders, including Hemen Holding Limited, our largest shareholder;</div>
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          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
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            <div style="font-family: 'Times New Roman', serif;">the risks associated with the purchase of second-hand vessels;</div>
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          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
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            <div style="font-family: 'Times New Roman', serif;">the aging of our fleet which could result in increased operating costs, impairment or loss of hire;</div>
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          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
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            <div style="font-family: 'Times New Roman', serif;">the adequacy of insurance coverage for inherent operational risks, and our ability to obtain indemnities from customers, changes in laws, treaties or regulations;</div>
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          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
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            <div style="font-family: 'Times New Roman', serif;">changes in supply and generally the number, size and form of providers of goods and services in the markets in which we operate;</div>
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          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
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            <div style="font-family: 'Times New Roman', serif;">the supply of and demand for oil and oil products and vessels, including drilling rigs, comparable to ours, including against the background of the possibility of accelerated climate change
              transition worldwide, including shifts in consumer demand for other energy resources could have an accelerated negative effect on the demand for oil and thus its transportation and drilling;</div>
          </td>
        </tr>

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      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">S-2</font></div>
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 45pt; font-family: 'Times New Roman', serif;"><br>
    </div>
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          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">changes in market demand in countries which import commodities and finished goods and changes in the amount and location of the production of those commodities and finished goods and resulting
              changes to trade patterns;</div>
          </td>
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    <table cellspacing="0" cellpadding="0" id="z7a78c841d9544b94b0f1de105f9ef2c5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">delays or defaults by the shipyards in the construction of our newbuildings;</div>
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        </tr>

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        <tr>
          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
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            <div style="font-family: 'Times New Roman', serif;">technological innovation in the sectors in which we operate and quality and efficiency requirements from customers;</div>
          </td>
        </tr>

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        <tr>
          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">technology risk associated with energy transition and fleet/systems rejuvenation to alternative propulsions;</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">risks associated with potential cybersecurity or other privacy threats and data security breaches;</div>
          </td>
        </tr>

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        <tr>
          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">our ability to comply with, and the expected cost of, governmental regulations and maritime self-regulatory organization standards, including new environmental regulations and standards, as
              well as standard regulations imposed by our charterers applicable to our business;</div>
          </td>
        </tr>

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        <tr>
          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">governmental laws and regulations, including environmental regulations, that add to our costs or the costs of our customers;</div>
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          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
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            <div style="font-family: 'Times New Roman', serif;">potential liability from safety, environmental, governmental and other requirements and potential significant additional expenditures related to complying with such regulations;</div>
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          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">the impact of increasing scrutiny and changing expectations from investors, lenders, charterers and other market participants with respect to our Environmental, Social and Governance
              practices;</div>
          </td>
        </tr>

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          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
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            <div style="font-family: 'Times New Roman', serif;">increased inspection procedures and more restrictive import and export controls;</div>
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        </tr>

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        <tr>
          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">the imposition of sanctions by the Office of Foreign Assets Control of the Department of the U.S. Treasury or pursuant to other applicable laws or regulations imposed by the U.S. government,
              the EU, the United Nations or other governments against us or any of our subsidiaries;</div>
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        </tr>

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          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
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            <div style="font-family: 'Times New Roman', serif;">compliance with governmental, tax, environmental and safety regulation, any non-compliance with the U.S. Foreign Corrupt Practices Act of 1977 or other applicable regulations relating to
              bribery;</div>
          </td>
        </tr>

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        <tr>
          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">changes in our operating expenses, including bunker prices, drydocking and insurance costs;</div>
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        </tr>

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        <tr>
          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">fluctuations in currencies and interest rates such as NIBOR and SOFR;</div>
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        </tr>

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        <tr>
          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">the impact that any discontinuance, modification or other reform or the establishment of alternative reference rates may have on our floating interest rate debt instruments;</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">the volatility of prevailing spot market charter rates, which effects the amount of profit-sharing payment we receive under our charters;</div>
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        </tr>

    </table>
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        <tr>
          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">the volatility of the price of our common shares;</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">changes in our dividend policy;</div>
          </td>
        </tr>

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        <tr>
          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">the future sale of our common shares;</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">the failure to protect our information security management system against security breaches, or the failure or unavailability of these systems for a significant period of time;</div>
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        </tr>

    </table>
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        <tr>
          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
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            <div style="font-family: 'Times New Roman', serif;">the entrance into transactions that expose us to additional risk outside of our core business;</div>
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        </tr>

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        <tr>
          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">difficulty managing planned growth properly;</div>
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        </tr>

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        <tr>
          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">our incorporation under the laws of Bermuda and the different rights to relief that may be available compared to other countries, including the United States;</div>
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        </tr>

    </table>
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        <tr>
          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">shareholders&#8217; reliance on us to enforce our rights against contract counterparties;</div>
          </td>
        </tr>

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          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
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            <div style="font-family: 'Times New Roman', serif;">dependence on the ability of our subsidiaries to distribute funds to satisfy financial obligations and make dividend payments;</div>
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        </tr>

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        <tr>
          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">the potential for shareholders to not be able to bring a suit against us or enforce a judgment obtained against us in the United States;</div>
          </td>
        </tr>

    </table>
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    <div><br>
    </div>
    <div><br>
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        <tr>
          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">treatment of the Company as a &#8220;passive foreign investment company&#8221; by U.S. tax authorities;</div>
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        </tr>

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          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
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            <div style="font-family: 'Times New Roman', serif;">being required to pay taxes on U.S. source income;</div>
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        </tr>

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        <tr>
          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
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            <div style="font-family: 'Times New Roman', serif;">our operations being subject to economic substance requirements;</div>
          </td>
        </tr>

    </table>
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          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">the exercise of a purchase option by the charterer of a vessel;</div>
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        </tr>

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          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">potential liability from future litigation, including litigation related to claims raised by public-interest organizations or activism with regard to failure to adapt or mitigate climate
              impact;</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">increased cost of capital or limiting access to funding due to EU Taxonomy or relevant territorial taxonomy regulations;</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">the arresting or attachment of one or more of our vessels or rigs by maritime claimants;</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">damage to storage, receiving and other shipping inventories&#8217; facilities;</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">impacts of supply chain disruptions and market volatility;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zf9dbfe1a96ca4e9fb89df3b53cabf750" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 27.35pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">the impact of restrictions on trade, including the imposition of new tariffs, port fees and other import restrictions by the United States on its trading partners and the imposition of
              retaliatory tariffs by China and the EU on the United States, and potential further protectionist measures and/or further retaliatory actions by others, including the imposition of tariffs or penalties on vessels calling in key export or
              import ports such as the United States, EU and/or China;</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">potential requisition of our vessels or rigs by a government during a period of war or emergency; and</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">world events, political instability, international sanctions or international hostilities, including the war between Russia and Ukraine and developments in the Middle East, including vessel
              attacks in the Red Sea and Israel-Iran conflict, which has resulted in disruptions in international shipping routes.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">This prospectus supplement, and any registration statement, may contain assumptions, expectations, projections, intentions and beliefs
      about future events. These statements are intended as forward-looking statements. We may also from time to time make forward-looking statements in other documents and reports that are filed with or submitted to the Commission, in other information
      sent to our security holders, and in other written materials. We also caution that assumptions, expectations, projections, intentions and beliefs about future events may and often do vary from actual results and the differences can be material.&#160;We
      undertake no obligation to publicly update or revise any forward-looking statement contained in this prospectus supplement, and any registration statement, whether as a result of new information, future events or otherwise, except as required by law.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">This prospectus supplement does not need to be filed with the Registrar of Companies in Bermuda in accordance with Part III of the
      Companies Act 1981 of Bermuda, or the Companies Act, pursuant to provisions incorporated therein following the enactment of the Companies and Partnerships (Electronic Registry) Amendment Act 2020. Such provisions state that Part III of the Companies
      Act shall not apply to any exempted company under the Companies Act. We are an exempted company under the Companies Act.</div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">RISK FACTORS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic;">An investment in our securities involves a high degree of risk. You should carefully consider the risks and the
      discussion of risks under the heading &#8220;Risk Factors&#8221; in this prospectus supplement, the accompanying prospectus or in our Annual Report on Form 20-F for the year ended December 31, 2024, filed with the Commission on March 17, 2025, and the documents
      we have incorporated by reference in this prospectus supplement or the accompanying prospectus, including the section entitled &#8220;Risk Factors&#8221; in future annual reports that summarize the risks that may materially affect our business before making an
      investment in our securities. Please see the section in this prospectus supplement entitled &#8220;Where You Can Find Additional Information.&#8221;</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <br>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">S-4</font></div>
      <div class="BRPFPageBreak" 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-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Risks Related to the Plan</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Investing in our common shares may involve a high degree of risk. Investors in our common shares may experience losses,
      volatility and poor liquidity, and we may reduce our dividends in a variety of circumstances.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">An investment in our common shares may involve a high degree of risk, particularly when compared to other types of investments. Risks
      related to the economy, the financial markets, our industry, our investing activity, our other business activities, our financial results, the amount of dividends we distribute, the manner in which we conduct our business and the way we have
      structured and limited our operations could result in a reduction in, or the elimination of, the value of our common shares. The level of risk associated with an investment in our common shares may not be suitable for the risk tolerance of many
      investors. Investors may experience volatile returns and material losses. In addition, the trading volume of our common shares (i.e., its liquidity) may be insufficient to allow investors to sell their common shares when they want to or at a price
      they consider reasonable.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Our earnings, cash flows, book value, and dividends can be volatile and difficult to predict. Investors in our common shares should not
      rely on our estimates, projections or predictions, or on management&#8217;s beliefs about future events. In particular, the sustainability of our earnings and our cash flows will depend on numerous factors, including our level of investment activity, our
      access to debt and equity financing, the returns we earn, the amount and timing of credit losses, the expense of running our business and other factors, including the risk factors described herein and in our most recent Annual Report on Form 20-F
      filed with the Commission. As a consequence, although we seek to pay a regular common share dividend rate that is sustainable, we may reduce our regular dividend rate, or stop paying dividends, in the future for a variety of reasons. We may not
      provide public warnings of dividend reductions prior to their occurrence. Changes to the amount of dividends we distribute may result in a reduction in the value of our common shares.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">The actual price paid for shares acquired under the Plan may be higher than the price determined using the Market Price
      formula under the Plan.&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Your taxable income attributable to discounts received under the Plan may be based on the value of our common shares as of the investment
      date, which value may differ from the &#8220;Current Market Price&#8221; determined under the Plan and may differ from the value of our common shares on the dividend payment date or the date you elect to make an optional purchase under the Plan.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">You will not know the price of the common shares you are purchasing under the Plan at the time you authorize the
      investment or elect to have your dividends reinvested.&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">At the time you authorize the investment or elect to have your dividends reinvested, the price of our common shares will not be known and
      may fluctuate between the time you decide to purchase common shares under the Plan and the time of actual purchase. In addition, during this time period, you may become aware of additional information that might affect your investment decision.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Computershare Trust Company, N.A., or the &#8220;Plan Administrator&#8221;, administers the Plan. If you instruct the Plan Administrator to sell common
      shares under the Plan, you will not be able to direct the time or price at which your common shares are sold. The price of our common shares may decline between the time you decide to sell common shares and the time of actual sale.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">If you decide to withdraw from the Plan, the Plan Administrator will continue to hold your common shares unless you request a certificate
      for whole shares.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">We may amend, suspend or terminate the Plan at any time.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Under the Plan, we reserve the right to amend, suspend or terminate the Plan at any time, but any such action shall not have retroactive
      effect that would prejudice the interests of Plan participants. We will send written notice to participants of any amendment, suspension or termination. Any material amendment of the Plan may be subject to the prior approval of the New York Stock
      Exchange and, to the extent applicable, any other stock exchange on which the common shares may from time to time be listed and posted for trading. If the Plan is terminated, the Plan Administrator will remit to participants shares registered in
      their name for whole common shares, together with the proceeds from the sale of any fractions of common shares. If the Plan is suspended, subsequent dividends on common shares will be paid in cash.</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">S-5</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="text-align: center; margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">ENFORCEMENT OF CIVIL LIABILITIES</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">There is no treaty in force between the United States and Bermuda providing for the reciprocal recognition and enforcement of judgments in
      civil and commercial matters. As a result, whether a United States judgment would be enforceable in Bermuda against us or our directors and officers depends on whether the U.S. court that entered the judgment is recognized by the Bermuda court as
      having jurisdiction over us or our directors and officers, as determined by reference to Bermuda conflict of law rules. A judgment debt from a U.S. court that is final and for a sum certain based on U.S. federal securities laws will not be
      enforceable in Bermuda unless the judgment debtor had submitted to the jurisdiction of the U.S. court, and the issue of submission and jurisdiction is a matter of Bermuda (not U.S.) law.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">In addition, and irrespective of jurisdictional issues, the Bermuda courts will not enforce a U.S. federal securities law that is either
      penal or contrary to the public policy of Bermuda. An action brought pursuant to a public or penal law, the purpose of which is the enforcement of a sanction, power or right at the instance of the state in its sovereign capacity, may not be
      entertained by a Bermuda court to the extent it is contrary to Bermuda public policy. Certain remedies available under the laws of U.S. jurisdictions, including certain remedies under U.S. federal securities laws, may not be available under Bermuda
      law or enforceable in a Bermuda court, to the extent they are contrary to Bermuda public policy. Further, no claim may be brought in Bermuda against us or our directors and officers in the first instance for violations of U.S. federal securities laws
      because these laws have no extraterritorial jurisdiction under Bermuda law and do not have force of law in Bermuda. A Bermuda court may, however, impose civil liability on us or our directors and officers if the facts alleged in a complaint
      constitute or give rise to a cause of action under Bermuda law.</div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">WHERE YOU CAN FIND ADDITIONAL INFORMATION</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">As required by the Securities Act, we filed a registration statement relating to the securities offered by this prospectus supplement with
      the Commission.&#160;This prospectus supplement is a part of that registration statement, which includes additional information.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Government Filings</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We file annual and special reports with the Commission. The Commission maintains a website (http://www.sec.gov) that contains reports,
      proxy and information statements and other information regarding registrants that file electronically with the Commission.&#160;This prospectus supplement and the accompanying prospectus are part of a registration statement that we filed with the
      Commission on Form F-3ASR and do not contain all of the information in the registration statement. The full registration statement may be obtained from the Commission or us, as indicated below. Whenever a reference is made in this prospectus
      supplement or the accompanying prospectus to any of our contracts, agreements or other documents, the reference may not be complete and you should refer to the exhibits that are a part of the registration statement or the exhibits to the reports or
      other documents incorporated by reference in this prospectus supplement or the accompanying prospectus for a copy of such contract, agreement or other document.&#160;You may inspect a copy of the registration statement through the Commission&#8217;s website.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Further information about our Company is available on our website at www.sflcorp.com. The information on our website does not constitute a
      part of, as is not incorporated by reference into, this prospectus supplement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Information Incorporated by Reference</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Commission allows us to &#8220;incorporate by reference&#8221; information that we file with it. This means that we can disclose important
      information to you by referring you to those filed documents. The information incorporated by reference is considered to be a part of this prospectus supplement, and information that we file later with the Commission before all of the securities
      offered by this prospectus supplement are sold will also be considered to be part of this prospectus supplement and will automatically update and supersede previously filed information, including information contained in this document.</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">S-6</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman',serif; text-indent: -9pt; margin-left: 9pt;">
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We incorporate by reference the documents listed below and any future filings made with the Commission under Section&#160;13(a), 13(c) or
        15(d) of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;):<br>
      </div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z22389e0710dd464a99d332e9656d5ac6" 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: 54pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">The Company&#8217;s Report of Foreign Private Issuer on&#160;Form&#160;6-K,&#160;filed with the Commission on <a href="https://www.sec.gov/Archives/edgar/data/1289877/000128987725000015/sflnoticeofannualgeneralme.htm">April 3, 2025</a>, <a href="https://www.sec.gov/Archives/edgar/data/1289877/000128987725000018/sflnoticeofannualgeneralme.htm">May 9,
                2025</a>, <a href="https://www.sec.gov/Archives/edgar/data/1289877/000091957425002824/d11796897_6k.htm">May 9, 2025</a>, <a href="https://www.sec.gov/Archives/edgar/data/1289877/000128987725000020/sfl-q12025earningsreleasef.htm">May 14,
                2025</a>, <a href="https://www.sec.gov/Archives/edgar/data/1289877/000128987725000022/sfl-q12025financials6xkfor.htm">May 15, 2025</a>, <a href="https://www.sec.gov/Archives/edgar/data/1289877/000128987725000025/sfl-q22025earningsrelease_.htm">August 19, 2025</a>, <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001289877/000128987725000030/sfl-20250630.htm">September

                11, 2025</a>, <a href="https://www.sec.gov/Archives/edgar/data/1289877/000128987725000032/sfl-q32025earningsrelease_.htm">November 12, 2025</a> and <a href="https://www.sec.gov/Archives/edgar/data/1289877/000128987725000034/sfl-q32025financials6xk_so.htm">November 12, 2025</a>;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z811b4d8807294d85a25b4b6a31f33fad" 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: 54pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">The Company&#8217;s Annual Report on <font style="color: rgb(0, 0, 255);"><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001289877/000128987725000013/sfl-20241231.htm"><font style="background-color: rgb(255, 255, 255); font-weight: normal; font-family: 'Times New Roman',serif; font-style: normal; font-variant: normal; text-transform: none;">Form&#160;20-F</font></a></font>&#160;for the year ended December&#160;31, 2024,
              filed with the Commission on March&#160;17, 2025, which contains audited consolidated financial statements for the most recent fiscal year for which those statements have been filed; and</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z97134b60b4714c91a2e67329c4fcf3ee" 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: 54pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="color: rgb(0, 0, 255);"><a href="https://www.sec.gov/Archives/edgar/data/1289877/000104746904018552/a2137223z8-a12b.htm">Form&#160;<font style="background-color: rgb(255, 255, 255); font-weight: normal; font-family: 'Times New Roman',serif; font-style: normal; font-variant: normal; text-transform: none;">8-A12B</font></a></font><font style="background-color: rgb(255, 255, 255); font-weight: normal; font-family: 'Times New Roman',serif; font-style: normal; font-variant: normal; text-transform: none;">, filed </font>with the Commission on May&#160;26, 2004, registering the Company&#8217;s common shares under Section&#160;12(b) of the Exchange Act, and any
              amendment filed thereto.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We are also incorporating by reference all subsequent annual reports on Form&#160;20-F&#160;that we file with the Commission and current reports on
      Form&#160;6-K&#160;that we furnish to the Commission after the date of this prospectus supplement (if they state that they are incorporated by reference into this prospectus supplement) until we file a post-effective amendment indicating that the offering of
      the securities made by this prospectus supplement has been terminated. In all cases, you should rely on the later information over different information included in this prospectus supplement or the accompanying prospectus.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">You may request a free copy of the above-mentioned filings or any subsequent filing we incorporated by reference to this prospectus
      supplement by writing or telephoning us at the following address:</div>
    <div style="margin-bottom: 12pt;">
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">SFL Corporation Ltd.</div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">Par-la-Ville Place, 4th Floor</div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">14 Par-la-Ville Road</div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">Hamilton HM 08, Bermuda</div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">Tel: 1&#160;800-715-6374</div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">Email: ir@sflcorp.com</div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">Attn: Investor Relations</div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Information Provided by the Company</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We will furnish holders of our common shares with annual reports containing audited financial statements and a report by our independent
      registered public accounting firm. The audited financial statements will be prepared in accordance with U.S. GAAP. As a &#8220;foreign private issuer,&#8221; we are exempt from the rules under the Exchange Act prescribing the furnishing and content of proxy
      statements to shareholders. While we furnish proxy statements to shareholders in accordance with the rules of the New York Stock Exchange, those proxy statements do not conform to Schedule&#160;14A of the proxy rules promulgated under the Exchange Act. In
      addition, as a &#8220;foreign private issuer,&#8221; our officers and directors are exempt from the rules under the Exchange Act relating to short swing profit reporting and liability.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Disclosure of Commission Position on Indemnification for Securities Act Liabilities</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling
      the registrant pursuant to the foregoing provisions, the registrant has been informed that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"> <br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">S-7</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"> <br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">THE COMPANY</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We are SFL Corporation Ltd., a Bermuda-based company incorporated in Bermuda on October 10, 2003, as a Bermuda exempted company under the
      Bermuda Companies Act of 1981 (Company No. EC-34296). We are engaged primarily in the ownership and operation of vessels and offshore related assets, and also involved in the charter, purchase and sale of assets.&#160;Our registered and principal
      executive offices are located at Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton, HM 08, Bermuda, and our telephone number is +1 (441) 295-9500.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We operate through subsidiaries and branches located in Bermuda, Canada, Cyprus, Liberia, Namibia, Norway, Singapore, the United Kingdom
      and the Marshall Islands.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The information above concerning us is only a summary and does not purport to be comprehensive or complete. For additional information
      about us, you should refer to the information described in &#8220;Where You Can Find Additional Information&#8221; in this prospectus.</div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">DESCRIPTION OF THE PLAN</div>
    <table cellspacing="0" cellpadding="0" id="zead3a8d9acee4c56abbf600669469a25" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6.79%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">1.</div>
          </td>
          <td style="width: 93.21%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">What is the Plan?</div>
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;"> <br>
            </div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Our Dividend Reinvestment Plan, or the Plan, enables new investors to make an initial investment in our common shares and existing
      investors to increase their holdings of our common shares. Participants can purchase our common shares with optional monthly cash investments and/or cash dividends. Enrollment in the Plan is voluntary and may not be available to investors in certain
      countries. Investors holding their shares outside of the United States will be required to transfer their shares to a U.S. registry prior to participation in the Plan. Each participant is responsible for reviewing the applicable laws of his or her
      country of residence prior to enrolling in the Plan.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Plan is designed for long-term investors who wish to invest and build their share ownership over time. The Plan is not intended to
      provide holders of common shares with a mechanism for generating assured short-term profits through rapid turnover of shares acquired at a discount. The Plan&#8217;s intended purpose precludes any person, organization or other entity from establishing a
      series of related accounts for the purpose of conducting arbitrage operations and/or exceeding the optional monthly cash investment limit.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">We reserve the right to modify, suspend or terminate participation by a shareholder who is using the Plan for purposes
      inconsistent with its intended purpose.</div>
    <table cellspacing="0" cellpadding="0" id="z7b891aaef36c407fb608248db4c62fc8" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6.79%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">2.</div>
          </td>
          <td style="width: 93.21%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">What features does the Plan offer?</div>
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;"> <br>
            </div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;"><u>Initial investment</u></font><font style="font-style: italic;">.</font>&#160;If you are not an existing
      shareholder, you may make an initial investment in our common shares, starting with as little as $250 and up to a maximum of $10,000. See<font style="font-style: italic;">&#160;&#8220;7. How do I enroll if I am not currently a shareholder?&#8221;</font>&#160;below for
      more information.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;"><u>Optional monthly cash investments</u></font><font style="font-style: italic;">.</font>&#160;Once you are
      enrolled in the Plan, you can buy our common shares and pay fees and commissions lower than those typically charged by stockbrokers for small transactions. You can increase your holdings of our common shares through optional monthly cash investments
      of $100 or more, up to a maximum of $10,000 per month. You may make optional monthly cash investments by check or electronically with deductions from your personal bank account &#8212; either in a single transaction or automatically each month. If you wish
      to make optional monthly cash investments in excess of $10,000 in any month or an initial investment in excess of $10,000, see<font style="font-style: italic;">&#160;&#8220;9. What are my options for additional cash investments once I am enrolled in the&#160;Plan?&#8221;</font>&#160;below





      for more information.</div>
    <div style="margin: 0px 0px 12pt; text-indent: 36pt;"><font style="font-weight: bold;"><u>Automatic dividend reinvestment</u></font><font style="font-style: italic;">.</font>&#160;You can also increase your holdings of our common shares through automatic
      reinvestment of your cash dividends. You will also be credited with dividends on fractions of common shares you hold in the Plan. You can elect to reinvest all or a portion of your dividends. You can receive, electronically or by check, any portion
      of dividends not reinvested by you. See<font style="font-style: italic;">&#160;&#8220;5</font>.<font style="font-style: italic;">&#160;How do I enroll in the&#160;Plan&#160;if I am an existing shareholder and my common shares are registered in my own name?&#8221;</font>&#160;and<font style="font-style: italic;">&#160;&#8220;10</font>.<font style="font-style: italic;">&#160;What are my reinvestment options?&#8221;</font>&#160;below for more information. </div>
    <br>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">S-8</font></div>
      <div class="BRPFPageBreak" 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-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;"><u>Share safekeeping</u></font><font style="font-style: italic;">.</font>&#160;You can deposit your share
      certificate representing common shares for safekeeping with the Plan Administrator. See<font style="font-style: italic;">&#160;&#8220;</font>21.<font style="font-style: italic;">&#160;Can I deposit share certificates for safekeeping?&#8221;</font>&#160;below for more
      information.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;"><u>Automated transactions</u></font>. You can execute many of your Plan transactions&#160;on-line.&#160;See &#8220;<font style="font-style: italic;">18</font>.<font style="font-style: italic;">&#160;May I enroll, view my account information, and execute transactions online?</font>&#8221; below for more information.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Refer to<font style="font-style: italic;">&#160;&#8220;8</font>.<font style="font-style: italic;">&#160;What are the fees associated with participation?&#8221;</font>&#160;below





      for details on fees charged for these transactions and services.</div>
    <table cellspacing="0" cellpadding="0" id="z53699b1960af478c83fc65b71bb8653f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6.76%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">3.</div>
          </td>
          <td style="width: 93.24%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Who is the Plan Administrator and what does the Plan Administrator do?</div>
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;"> <br>
            </div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Computershare Trust Company, N.A. (&#8220;Computershare&#8221;) is the Plan Administrator. The Plan Administrator, as designated agent for each
      participating shareholder, administers the Plan, keeps records, sends statements of account activity to each participant and performs other duties relating to the Plan. The Plan Administrator holds for safekeeping the common shares purchased for you
      together with common shares forwarded by you to the Plan Administrator for safekeeping until termination of your participation in the Plan or receipt of your request for a certificate for all or part of your common shares. Common shares purchased
      under the Plan and held by the Plan Administrator will be registered in the Plan Administrator&#8217;s name or the name of its nominee, as your agent. In the event that the Plan Administrator should resign or otherwise cease to act as agent, we will
      appoint a new administrator to administer the Plan.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Plan Administrator also acts as dividend disbursing agent, transfer agent and registrar for our common shares.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We and the Plan Administrator will not be liable in administering the Plan for any act done in good faith or as required by applicable
      securities laws or for any good faith omission to act including, without limitation, any claim or liability arising out of failure to terminate your account upon your death, or with respect to the prices at which common shares are purchased for your
      account and the times when such purchases are made or with respect to any fluctuation in the market value after purchase or sale of common shares. Neither we nor the Plan Administrator shall have any duties, responsibilities or liabilities except
      such as are expressly set forth in the Plan.</div>
    <table cellspacing="0" cellpadding="0" id="zf95b182341f64072bd6f5c58d15e7714" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6.76%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">4.</div>
          </td>
          <td style="width: 93.24%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">How do I contact the Plan Administrator?</div>
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;"> <br>
            </div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">If you have questions regarding the Plan, please write to the Plan Administrator at the following address:</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">Computershare Trust Company, N.A.</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">P.O. Box 43006</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Providence, RI 02940-3006</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Or call the Plan Administrator at:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">1-800-301-3489&#160;if you are inside the United States or Canada (toll free),</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">1-201-680-6578&#160;if you are outside the United States or Canada, or</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">1-800-368-0328&#160;for the hearing impaired (TDD).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">An automated voice response system is available 24 hours a day, 7 days a week. Customer service representatives are available from 9:00
      a.m. to 7:00 p.m., Eastern Time, Monday through Friday (except holidays).</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">S-9</font></div>
      <div class="BRPFPageBreak" 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-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Include your name, address, daytime telephone number, Account Number and reference SFL Corporation Ltd. on all written correspondence.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">In addition, you may visit the Computershare website at<u>&#160;www.computershare.com/investor</u>. At this website, you can enroll in the Plan,
      obtain information, and perform certain transactions on your Plan account via Investor Center.</div>
    <table cellspacing="0" cellpadding="0" id="zc24bc81d006042b6946154f48b639718" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6.78%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">5.</div>
          </td>
          <td style="width: 93.22%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">How do I enroll in the Plan if I am an existing shareholder and my common shares are registered in my name?<br>
              <br>
            </div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">If you already own our common shares and the common shares are registered in your name, you may participate in the Plan immediately. You
      may participate by choosing to reinvest all or part of your quarterly dividend, if any, or by making an additional cash investment. Please see<font style="font-style: italic;">&#160;&#8220;9. What are my options for additional cash investments once I am
        enrolled in the&#160;Plan?&#8221;</font>&#160;below for details regarding optional monthly cash investments and &#8220;<font style="font-style: italic;">10. What are my reinvestment options?&#8221;</font>&#160;below for details regarding the different reinvestment elections you
      may make under the Plan. You can enroll online through Investor Center at<u>&#160;www.computershare.com/investor</u>&#160;or by requesting, completing and returning an enrollment form to the Plan Administrator in the envelope provided. Your participation will
      begin promptly after your authorization is received. Once you have enrolled, your participation continues automatically until either you elect to withdraw from the Plan or the Plan is terminated by us.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">If you need to obtain an enrollment package, contact the Plan Administrator at&#160;1-800-301-3489&#160;if you are inside the United States or
      Canada,&#160;1-201-680-6578&#160;if you are outside the United States or Canada, or&#160;1-800-368-0328&#160;for the hearing impaired (TDD). While there is no cost to enroll in the Plan, please refer to<font style="font-style: italic;">&#160;&#8220;8. What are the fees associated
        with participation?&#8221;</font>&#160;for more information on purchase, reinvestment and sale fees, and other expenses.</div>
    <table cellspacing="0" cellpadding="0" id="z97051428cdd64c3897860d4b643878c1" 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; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">6.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">My shares are held in &#8220;street name.&#8221; How do I enroll in the Plan if I am an existing shareholder and my common shares are registered in the name of my
              broker, bank or other nominee?</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">If your common shares are registered in the name of a broker, bank or other nominee, you should contact that institution and discuss with
      it whether it can arrange for you to participate in the Plan. If the broker, bank or other nominee cannot arrange for you to participate in the Plan, you should arrange for the broker, bank or other nominee to register in your name the number of
      common shares that you want to participate in the Plan or have the common shares electronically transferred into your own name through the Direct Registration System. You can then enroll in the Plan, as described in &#8220;<font style="font-style: italic;">5.





        How do I enroll in the&#160;Plan&#160;if I am an existing shareholder and my common shares are registered in my name?</font>&#8221; above. Alternatively, if you do not want to&#160;re-register&#160;your common shares, you can enroll in the Plan in the same way as someone
      who is not currently a shareholder, as described in<font style="font-style: italic;">&#160;&#8220;7. How do I enroll if I am not currently a shareholder?&#8221;</font>&#160;below. However, even if you enroll in the Plan by making an investment as described in<font style="font-style: italic;">&#160;&#8220;7. How do I enroll if I am not currently a shareholder?&#8221;</font>, any existing common shares that are not registered in your name will&#160;<u>not</u> be able to participate in the Plan.</div>
    <table cellspacing="0" cellpadding="0" id="z3de37a1af9ac445ea0d74b239a4df4af" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6.76%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">7.</div>
          </td>
          <td style="width: 93.24%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">How do I enroll if I am&#160;<u>not</u>&#160;currently a shareholder?</div>
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;"> <br>
            </div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">If you do not currently own any of our common shares (or you are an existing shareholder that is not enrolled in the Plan and your common
      shares are not registered in your name), you can participate by making an initial cash investment through the Plan for as little as $250 and up to a maximum of $10,000. Your initial investment can be made using one of the following options:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;"><u>Via&#160;on-line&#160;enrollment through&#160;Investor Center&#160;at</u></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><u>www.computershare.com/investor</u>&#160;<font style="font-weight: bold;">and</font>:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">opening your account&#160;on-line&#160;with your initial investment of $250 or more by making a&#160;one-time&#160;online individual electronic investment from
      your U.S. checking or savings account; or</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">S-10</font></div>
      <div class="BRPFPageBreak" 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-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;"><u>Via the Enrollment Form</u></font>&#160;and:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">submitting it to the Plan Administrator and making one payment (minimum of $250) by check payable to<font style="font-weight: bold; font-style: italic;">&#160;SFL Corporation Ltd./Computershare.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">If you need to obtain an enrollment form, contact the Plan Administrator at&#160;1-800-301-3489.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Please refer to<font style="font-style: italic;">&#160;&#8220;8. What are the fees associated with participation?&#8221;</font>&#160;for more information on
      enrollment, purchase, reinvestment and sale fees, and other expenses.</div>
    <table cellspacing="0" cellpadding="0" id="za30fe02ce9724a81acf3c5067464ff29" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6.76%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">8.</div>
          </td>
          <td style="width: 93.24%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">What are the fees associated with participation?</div>
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;"> <br>
            </div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">You will not be charged an enrollment fee if you enroll in the Plan in the manner described in &#8220;5. How do I enroll in the Plan if I am an
      existing shareholder and my common shares are registered in my name?&#8221;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">You will not be charged an enrollment fee if you enroll in the Plan by having your broker, bank or other nominee make arrangements for you
      to participate in the Plan as described in &#8220;<font style="font-style: italic;">6. My shares are held in&#160;&#8220;street name.&#8221;&#160;How do I enroll in the&#160;Plan&#160;if I am an existing shareholder and my common shares are registered in the name of&#160;my&#160;broker, bank or
        other nominee?</font>&#8221; However, you will be responsible for any costs incurred in connection with such arrangement and any fees charged by your broker, bank or other nominee.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">You will be charged a $10.00 enrollment fee if you enroll in the Plan by making an initial cash investment as described in<font style="font-style: italic;">&#160;&#8221;7</font>.<font style="font-style: italic;">&#160;How do I enroll if I am not currently a shareholder?&#8221;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Once enrolled in the Plan, you will be charged a fee of 5% of any dividend reinvested under the Plan up to a maximum of $5.00. You will be
      charged a $5.00 processing fee for each optional additional cash investment made through the Plan by check as described in &#8220;<font style="font-style: italic;">9. What are my options for additional cash investments once I am enrolled in the&#160;Plan?&#8221;.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">If you choose to make any payments to the Plan electronically through your bank account, you will be charged a $3.50 processing fee
      for&#160;one-time&#160;online individual electronic investment, and a $2.00 processing fee for each recurring monthly deduction made from your bank account for optional additional cash investments. You will also be responsible for any other costs your bank may
      charge in connection with deductions from or payments made to your bank account.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">For all shares purchased through the plan from open market sources you will be charged a fee of $0.05 per share purchased. This fee
      includes any brokerage commissions the Plan Administrator is required to pay. Any fractional share will be rounded up to a whole share for purposes of calculating the per share processing fee.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">If you request that your common shares that are subject to the Plan shall be sold, you will receive the proceeds less a service fee and per
      share processing fees. Please see<font style="font-style: italic;">&#160;&#8220;22</font>.<font style="font-style: italic;">&#160;How do I sell my&#160;Plan&#160;shares?&#8221;</font>&#160;for information relating to the sale of common shares that are subject to the Plan and associated
      fees for selling through the Plan. If you choose to sell your common shares that are subject to the Plan through a stockbroker of your choice, you will be responsible for any fees or costs your broker may charge in connection with the transfer of
      your common shares to such stockbroker and applicable stock transfer taxes.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">A $35.00 fee will be assessed for any check or bank debit that is returned for insufficient funds. We can change the fee structure of the
      Plan at any time.</div>
    <table cellspacing="0" cellpadding="0" id="zaf4ea433fef04b6a8e1b14bc6c7eaa01" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6.78%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">9.</div>
          </td>
          <td style="width: 93.22%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">What are my options for additional cash investments once I am enrolled in the Plan?</div>
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;"> <br>
            </div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Once you are enrolled in the Plan, you may purchase additional common shares through optional cash investments, regardless of whether
      dividends are being reinvested. Optional cash investments may not be less than $100, and the total of all optional cash investments submitted by an individual shareholder may not exceed $10,000 in any month, unless a waiver has been requested and
      granted as described in &#8220;<font style="font-style: italic;">11. Request for&#160;Waiver for Optional Monthly Cash Investments and Initial Investments in Excess&#160;of $10,000</font>.&#8221; The $100 minimum applies only to optional cash investments by existing Plan
      participants. New investors or existing shareholders making an initial investment in order to enroll in the Plan as described in &#8220;<font style="font-style: italic;">6. My shares are held in&#160;&#8220;street name.&#8221;&#160;How do I enroll in the&#160;Plan&#160;if I am an
        existing shareholder and my common shares are registered in the name of my broker, bank or other nominee?</font>&#8221; and<font style="font-style: italic;">&#160;&#8220;7. How do I enroll if I am not currently a shareholder?&#8221;</font>&#160;must make an initial investment
      of not less than $250. There is no obligation either to make an optional cash investment or to invest the same amount of cash for each investment.</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">S-11</font></div>
      <div class="BRPFPageBreak" 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-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;"><u>Check</u></font><font style="font-style: italic;">.</font>&#160;You may make optional monthly cash
      investments by sending a check to the Plan Administrator payable to<font style="font-style: italic;">&#160;SFL Corporation Ltd. /&#160;Computershare</font>. To facilitate processing of your investment, please use the transaction stub attached to your Plan
      statement. Mail your investment and transaction stub to the address specified on the stub. The Plan Administrator will not accept cash, traveler&#8217;s checks, money orders or third party checks for optional cash purchases. Please see<font style="font-style: italic;">&#160;&#8220;8. What are the fees associated with participation?&#8221;</font>&#160;above for all other applicable Plan fees.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;"><u>One-Time&#160;and Automatic Monthly Withdrawals</u></font><font style="font-style: italic;">.</font>&#160;If you
      already own common shares and are enrolled in the Plan and want to make additional monthly purchases, you can also authorize automatic monthly deductions from your bank account by completing a Direct Debit Authorization Form, or by enrolling online
      after you access your account through Investor Center at<u>&#160;www.computershare.com/investor</u>. This feature enables you to make ongoing investments in an amount that is comfortable for you, without having to write a check. The amounts you have
      authorized will be withdrawn from your bank account on the 25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day of each month, or the next business day if the 25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> is not a business day. You can also make individual automatic deductions from your bank account through
      Investor Center. You will be responsible for all processing fees and any other costs your bank may charge in connection with deductions from your bank account. Please see<font style="font-style: italic;">&#160;&#8220;8. What are the fees associated with
        participation?&#8221;</font>&#160;above for all applicable Plan fees.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">In the event that any check or other deposit is returned unpaid for any reason or your&#160;pre-designated&#160;bank account does not have sufficient
      funds for an automatic debit, the Plan Administrator will consider the request for investment of that purchase null and void. The Plan Administrator will immediately remove from your account any shares already purchased in anticipation of receiving
      those funds and will sell such shares. If the net proceeds from the sale of those shares are insufficient to satisfy the balance of the uncollected amounts, the Plan Administrator may sell additional shares from your account as necessary to satisfy
      the uncollected balance. There is a $35.00 charge for any check, electronic funds transfer or other deposit that is returned unpaid by your bank. This fee will be collected by the Plan Administrator through the sale of the number of shares from your
      Plan account necessary to satisfy the fee.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Please see<font style="font-style: italic;">&#160;&#8220;23. How do I discontinue participation in the&#160;Plan?&#8221;</font> for information on discontinuing
      participation in the Plan.</div>
    <table cellspacing="0" cellpadding="0" id="z1af0244d3d5e4ac48c9b606ccc177221" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6.88%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">10.</div>
          </td>
          <td style="width: 93.12%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">What are my reinvestment options?</div>
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;"> <br>
            </div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z75535d52b903421a8d43b03fea505cd4" 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;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">If you elect &#8220;Full Dividend Reinvestment,&#8221; you direct the Plan Administrator to apply toward the purchase of additional common shares all your cash dividends on all the common shares then or
              subsequently registered in your name, together with any optional monthly cash investments. Under this option, the Plan operates so as to reinvest dividends on a cumulative basis until you instruct otherwise, you withdraw from the Plan or the
              Plan is terminated.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zf3e6eaa25fbe4ffb8faf7de0f26d5c76" 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;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">If you elect &#8220;Partial Dividend Reinvestment,&#8221; you direct the Plan Administrator to pay you in cash on a specified number of shares and to apply your remaining dividends toward the purchase of
              additional common shares, together with any optional monthly cash investments.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z2f2013fc2fd143b5aec0d43d8735e0e7" 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;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">If you elect for &#8220;Optional Cash Investments Only,&#8221; you will continue to receive cash dividends on all of your common shares registered in your name in the usual manner, but the Plan
              Administrator will apply any optional monthly cash investment received to the purchase of additional common shares under the Plan.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">You may change your investment options by contacting the Plan Administrator. Please see &#8220;<font style="font-style: italic;">4. How do I
        contact the&#160;Plan Administrator?</font>&#8221; for contact details.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">A shareholder whose common shares are registered in the name of a broker, bank or other nominee must make
        arrangements to have the broker, bank or other nominee participate on their behalf or register in&#160;the shareholder&#8217;s name the number of common shares he or she wants to participate in the&#160;Plan&#160;or have the common shares electronically transferred
        into your own name through the&#160;Direct Registration System</font>.&#160;Please see<font style="font-style: italic;">&#160;&#8220;6. My shares are held in&#160;&#8220;street name&#8221;. How do I enroll in the&#160;Plan&#160;if I am an existing shareholder and my common shares are registered
        in the name of my broker, bank or other nominee?&#8221;</font>&#160;for more information.</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">S-12</font></div>
      <div class="BRPFPageBreak" 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-bottom: 12pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="ze97452e8422e4347aa462586efb75209" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6.88%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">11.</div>
          </td>
          <td style="width: 93.12%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Request for Waiver for Optional Monthly Cash Investments and Initial Investments in Excess of $10,000<br>
              <br>
            </div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;"><u>General</u></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">If you want to make optional monthly cash investments in excess of $10,000 in any month or an initial investment in excess of $10,000, you
      must receive our written approval. To obtain our written approval, you must submit a request for waiver form. You can obtain a request for waiver form by contacting us at&#160;1-800-715-6374&#160;and upon completion, send it to us at SFL Corporation Ltd., c/o
      SFL Management AS, Bryggegata 3, P.O. Box 1327 Vika, 0112 Oslo, Norway. We have the sole discretion to approve or refuse any request to make an optional monthly cash investment or initial investment in excess of the maximum amount and to set the
      terms of any such optional monthly cash investment or initial investment.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">If we approve your request for waiver, we will notify you promptly. In deciding whether to approve a request for waiver, we will consider
      relevant factors, including, but not limited to, the following:</div>
    <table cellspacing="0" cellpadding="0" id="z139dfc7c77a347fcbb9cd246c8753247" 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;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">whether the Plan is then acquiring newly issued common shares directly from us or acquiring common shares in the open market or in privately negotiated transactions from third parties;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z82fdc0d1dd194bc5a8b783feb9aa02f8" 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;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">our need for additional funds;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="ze689b7cb496b414e86ccd510f87d8cf2" 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;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">the attractiveness of obtaining additional funds through the sale of common shares as compared to other sources of funds;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z49e4fec128f1456784f5cc6c5b94b9be" 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;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">the purchase price likely to apply to any sale of common shares;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z3af6349ff224472c8be9038e3ea94946" 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;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">the shareholder submitting the request;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zb28897990f1b4f0baab29da73856e0b1" 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;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">the extent and nature of the shareholder&#8217;s prior participation in the Plan;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zc9a163cb71434a63ba10149527975ba4" 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;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">the number of common shares held of record by the shareholder; and</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z4c2f770111e8489f90550cc847be0bcc" 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;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">the aggregate number of optional monthly cash investments and initial investments in excess of $10,000 for which requests for waiver have been submitted by all existing shareholders and new
              investors.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">If requests for waiver are submitted for an aggregate amount in excess of the amount we are then willing to accept, we may honor such
      requests in order of receipt, pro rata or by any other method that we determine to be appropriate. We may determine, in our discretion, the maximum amount that an existing shareholder or new investor may invest pursuant to the Plan or the maximum
      number of common shares that may be purchased pursuant to a request for waiver.</div>
    <table cellspacing="0" cellpadding="0" id="z96a4b75531764cc0bbb4fa9a86a6f658" 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; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">12.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Purchases and Pricing of Common Shares Purchased Pursuant to a Request for Waiver</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">If a request for waiver is approved, the price of common shares purchased pursuant to the request for waiver will be determined using a
      pricing period of not less than one (1)&#160;but not more than ten (10)&#160;trading days commencing on a date set by us as the first day of the pricing period. Each of these separate dates will be a &#8220;waiver investment date,&#8221; or the Waiver Investment Date, and
      an equal proportion of your optional cash payment or initial investment, as applicable, will be invested on each trading day during such pricing period, subject to the qualifications listed below. The Plan Administrator will apply all good funds
      received on or before the first business day before the pricing period to the purchase of common shares on the Waiver Investment Date. Funds received after the pricing period begins will be returned to you. For purposes of determining the price per
      common share on the Waiver Investment Date, the purchase price for shares will be equal to (subject to change as provided below) the consolidated volume weighted average price, rounded to four decimal places, of our common shares obtained from
      Bloomberg, LP for the trading hours from 9:30 a.m. to 4:00 p.m., Eastern time, for the applicable Waiver Investment Date. For clarity, this will include the last trade, even if reported after 4:00 p.m. The purchase price on any Waiver Investment Date
      may be reduced by the waiver discount, if any.</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">S-13</font></div>
      <div class="BRPFPageBreak" 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-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">For any pricing period, we may establish a minimum purchase price per common share, referred to as the threshold price, applicable to
      optional cash investments and initial investments made pursuant to a request for waiver. At least three (3)&#160;business days prior to the first day of the applicable pricing period, we will decide whether to establish a threshold price, and if so, its
      amount. We will notify the Plan Administrator as to the amount of the threshold price, if any. We will make this determination at our discretion after a review of current market conditions, the level of participation in the Plan and our need for
      additional funds.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">If a threshold price is established for any pricing period, it will be fixed as the consolidated volume weighted average price, rounded to
      four decimal places, of our common shares as obtained from Bloomberg, LP for the trading hours from 9:30 a.m. to 4:00 p.m., Eastern time, for each trading day of such pricing period. In the event that the threshold price is not satisfied for a
      trading day in the pricing period, then that trading day will be excluded from the pricing period. In addition, we will exclude from the pricing period any trading day in which no trades of common shares are made on the New York Stock Exchange.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">In addition, a portion of each optional monthly cash investment or initial investment made pursuant to a request for waiver will be
      returned for each trading day of a pricing period in which the threshold price is not satisfied or for each trading day in which no trades of our common shares are reported on the New York Stock Exchange. The amount returned will be equal to a pro
      rata portion of the amount of the optional cash investment or initial investment (not just the amount in excess of $10,000) for each trading day that the threshold price is not satisfied or in which no trades of our common shares are reported. For
      example, for a&#160;five-day&#160;pricing period, if the threshold price is not satisfied or no trades of our common shares are reported for one of the five trading days in the pricing period, then 1/5 (or 20%) of the optional cash investment or initial
      investment will be returned without interest.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The establishment of the threshold price and the possible return of a portion of an optional cash investment or initial investment applies
      only to optional cash investments and initial investments made pursuant to a request for waiver. Setting a threshold price for a pricing period will not affect the setting of a threshold price for a subsequent pricing period. We may waive our right
      to set a threshold price for any pricing period. Neither we nor the Plan Administrator is required to provide you with any written notice as to the threshold price for any pricing period. You may contact us at&#160;1-800-715-6374&#160;to find out if a
      threshold price has been fixed or waived for any given pricing period.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">For each pricing period, we may establish a discount from the market price applicable to optional cash investments and initial investments
      made pursuant to a request for waiver. This waiver discount, if any, will range from 0% to 5% of the purchase price and may vary for each pricing period. The waiver discount, if any, will be established at our sole discretion after a review of
      current market conditions, the level of participation in the Plan, the attractiveness of obtaining additional funds through the sale of our common shares as compared to other sources of funds and our need for additional funds. You may obtain
      information regarding the maximum waiver discount, if any, by contacting us at&#160;1-800-715-6374.&#160;Setting a waiver discount for a particular pricing period will not affect the setting of a waiver discount for any subsequent pricing period. The waiver
      discount will apply to the entire optional cash investment or initial investment made pursuant to a waiver and not just the portion in excess of $10,000. The discount, if any, will not apply to reinvested dividends, or initial investments or optional
      cash investments that are not made pursuant to a request for waiver.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We will only establish a threshold price or waiver discount for common shares that are purchased directly from us.</div>
    <table cellspacing="0" cellpadding="0" id="z4cac1ee210f649a3b8324be11c5e096a" 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; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">13.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Pricing Period Extension Feature</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We may elect to activate for any particular pricing period the pricing period extension feature, which will provide that the initial
      pricing period will be extended by the number of days that the threshold price is not satisfied, or on which there are no trades of our common shares reported by the New York Stock Exchange, subject to a maximum of five trading days. If we elect to
      activate the pricing period extension feature and the threshold price is satisfied for any additional day that has been added to the initial pricing period, that day will be included as one of the trading days for the pricing period in lieu of the
      day on which the threshold price was not met or trades of our common shares were not reported. For example, if the determined pricing period is 10 days, and the threshold price is not satisfied for three out of those 10 days in the initial pricing
      period, and we had previously announced at the time of the request for waiver acceptance that the pricing period extension feature was activated, then the pricing period will automatically be extended, and if the threshold price is satisfied on the
      next three trading days (or a subset thereof), then those three days (or a subset thereof) will become investment days in lieu of the three days on which the threshold price was not met. As a result, because there were 10 trading days during the
      initial and extended pricing period on which the threshold price was satisfied, all of the optional cash purchase will be invested.</div>
    <table cellspacing="0" cellpadding="0" id="z2f4a1c9a685d4c088c7ebdebb56de755" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6.88%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">14.</div>
          </td>
          <td style="width: 93.12%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">When are dividends paid?</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Our policy is to declare dividends to shareholders in the sole discretion of our board of directors. We may, in our sole discretion, defer
      to a later date if necessary or advisable under applicable securities laws our sale to the Plan Administrator of common shares to be purchased with reinvested dividends. Under Bermuda law, we may not declare or pay a dividend, or make a distribution
      out of contributed surplus, if there are reasonable grounds for believing that (a)&#160;we are, or would after the payment be, unable to pay our liabilities as they become due; or (b)&#160;the realizable value of our assets would thereby be less than our
      liabilities.</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">S-14</font></div>
      <div class="BRPFPageBreak" 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-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Only shareholders who own our common shares as of the record date for any declared dividend will be entitled to receive the dividend
      payment. Record dates for the payment of dividends will normally precede the payment dates by approximately ten (10)&#160;to twenty (20)&#160;business days.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">In the unlikely event that, due to unusual market conditions, the Plan Administrator is unable to invest the dividends within 30 days, the
      Plan Administrator will remit the dividends to you by check.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic;">The payment of dividends on our common shares is solely at the discretion of our board of directors. There is no
      guarantee that we will pay dividends in the future. Please see the documents incorporated into this prospectus supplement for a more detailed discussion of our dividend policy, which may be amended or eliminated at any time, and the risks relating to
      dividends.</div>
    <table cellspacing="0" cellpadding="0" id="z7badcb4df5d14656bd002aee8dbf29d9" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6.88%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">15.</div>
          </td>
          <td style="width: 93.12%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">When does the Plan Administrator purchase common shares?</div>
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;"> <br>
            </div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;"><u>Initial and Additional Cash Investments</u></font><font style="font-style: italic;">.</font>&#160;Upon
      receipt of funds in an amount equal to or less than $10,000, the Plan Administrator will invest initial and additional cash investments twice every month on the 15th and the final business day of the month, or the next business day if the 15th is not
      a business day. For months when a dividend is payable, the reinvestment of the dividends will be on the dividend payment date. Common shares will be posted to your account in whole and fractional shares immediately upon settlement, usually within
      three business days. You will receive a confirmation of your transaction by paper statement at the postal address you give us when you enroll in the Plan. In the unlikely event that, due to unusual market conditions, the Plan Administrator is unable
      to invest the&#160;non-waiver&#160;optional cash funds within 30 days, the Plan Administrator will return the funds to you by check. No interest will be paid on funds held by the Plan Administrator pending investment. Please see<font style="font-style: italic;">&#160;&#8220;9. What are my options for additional cash investments once I am enrolled in the&#160;Plan?&#8221;</font>&#160;for information on automatic monthly withdrawal.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Optional cash investments must be sent so that the Plan Administrator receives the payment at least three (3)&#160;business days prior to the
      investment date to ensure the Plan Administrator receives good funds. Funds received less than (3)&#160;business days prior the investment date will be held for investment on the next investment date.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Optional cash investments received by the Plan Administrator will be returned to you upon your written request if such request is received
      by the Plan Administrator no later than two (2)&#160;business days prior to the first day of the pricing period. Please see <font style="font-style: italic;">&#8220;17. At what price will the&#160;Plan Administrator&#160;purchase the common shares?&#8221;</font>&#160;for
      information on the pricing period.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;"><u>Dividend Reinvestment</u></font><font style="font-style: italic;">.</font>&#160;If you enroll prior to the
      record date for a dividend payment, your election to reinvest dividends will begin with that dividend payment. If you enroll on or after any such record date, reinvestment of dividends will begin on the dividend payment date following the next record
      date if you are still a shareholder of record. Record dates for payment of dividends will normally precede payment dates by ten (10)&#160;to twenty (20)&#160;business days.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Common shares are purchased for the Plan on specified dates or during specified periods. As a result, you do not have any control over the
      price at which common shares are purchased for your account, and you may pay a higher purchase price then if you had purchased or sold the common shares outside of the Plan. You bear the risk of fluctuations in the price of our common shares. No
      interest is paid on funds held by the Plan Administrator pending their investment. All optional monthly cash investments, including the initial cash investment, are subject to collection by the Plan Administrator of the full face value in U.S. funds.</div>
    <table cellspacing="0" cellpadding="0" id="za27b9c931019446997842f10493995c2" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6.88%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">16.</div>
          </td>
          <td style="width: 93.12%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">How does the Plan Administrator purchase the common shares?</div>
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;"> <br>
            </div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We may, in our sole discretion, instruct the Plan Administrator to purchase all or a portion of the common shares in connection with the
      distribution of common shares purchased pursuant to reinvestment of dividends or any initial or optional monthly cash investment directly from us at the &#8220;Current Market Price&#8221; (as defined below under &#8220;<font style="font-style: italic;">17. At what
        price will the&#160;Plan Administrator&#160;purchase the common shares?&#8221;</font>).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">If we do not instruct the Plan Administrator to purchase common shares directly from us, the Plan Administrator may purchase common shares
      in the open market or in negotiated transactions, and may be subject to such terms with respect to price, delivery and other terms as agreed to by the Plan Administrator. In connection with purchases in the open market or in negotiated transactions,
      neither we nor any Plan participant shall have any authorization or power to direct the time or price at which common shares may be so purchased, or the selection of the broker or dealer through or from whom purchases are to be made.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Common shares will be allocated and credited to participants&#8217; accounts as follows: (1)&#160;common shares purchased from us will be allocated
      and credited on the appropriate investment date; and (2)&#160;common shares purchased in market transactions will be allocated and credited as of the date on which the Plan Administrator completes the purchases of the aggregate number of common shares to
      be purchased. Depending on our election, participants may be credited with common shares purchased from us, common shares purchased in market transactions or a combination of both.</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">S-15</font></div>
      <div class="BRPFPageBreak" 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-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The method used by the Plan Administrator will impact the price at which your common shares are purchased (see<font style="font-style: italic;">&#160;&#8220;17. At what price will the&#160;Plan Administrator&#160;purchase the common shares?&#8221;</font>).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The amount of common shares to be purchased for your account depends on the amount of your dividend and/or initial or optional monthly cash
      investment and the purchase price of the common shares. Your account will be credited with that number of common shares, including fractions computed up to six decimal places, equal to the amount you invest divided by the purchase price per common
      share. You will be credited for dividends on fractions of shares.</div>
    <table cellspacing="0" cellpadding="0" id="z3936ff3eb0204c809d4f1ea1a9a6a876" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6.88%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">17.</div>
          </td>
          <td style="width: 93.12%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">At what price will the Plan Administrator purchase the common shares?</div>
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;"> <br>
            </div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">If we direct the Plan Administrator to purchase common shares directly from us, the purchase price will be the average of the high and low
      sales prices, rounded up to six decimal places, of our common shares as reported on the New York Stock Exchange on the date the shares are purchased. If the Plan Administrator purchases common shares in market transactions, the &#8220;Current Market Price&#8221;
      is defined as the weighted average of the actual price paid for common shares purchased by the Plan Administrator.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">If the Plan Administrator purchases common shares in market transactions, the Plan Administrator will generally batch purchase types
      (dividend and optional cash investments) for separate execution by the Plan Administrator&#8217;s broker. The Plan Administrator may also direct its broker to execute each purchase type in several batches throughout a trading day. Depending on the number
      of shares being purchased and current trading volume in the shares, the Plan Administrator&#8217;s broker may execute purchases for any batch or batches in multiple transactions and over more than one day. If different purchase types are batched, the price
      per share of the common shares purchased for each participant&#8217;s account, whether purchased with reinvested dividends, with initial cash investments or with optional cash, shall be the weighted average price of the specific batch for such shares
      purchased by the Plan Administrator&#8217;s broker on that investment date. The &#8220;Current Market Price&#8221; is defined as the weighted average of the actual price paid for common shares purchased by the Plan Administrator for each specific batch.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We, in our sole discretion, may change or eliminate the dividend reinvestment discount or the optional or initial cash investment discount,
      if any. As of the date of this prospectus supplement, there is no optional or initial cash payment discount.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">If you request a waiver and we approve it, your initial investment may exceed $10,000. For a description of the purchase price of common
      shares pursuant to an approved waiver, see &#8220;<font style="font-style: italic;">12. Purchases and Pricing of Common Shares Purchased Pursuant to a Request for Waiver</font>&#8221;.</div>
    <table cellspacing="0" cellpadding="0" id="zd364b399e7a84cf18fd13728ed9d908d" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6.88%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">18.</div>
          </td>
          <td style="width: 93.12%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">May I enroll, view my account information, and execute transactions online?</div>
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;"> <br>
            </div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Investor Center is a&#160;Web-enabled&#160;real-time service, available 24 hours a day, 7 days a week. This service provides shareholders of record
      with the ability to:</div>
    <table cellspacing="0" cellpadding="0" id="za7be2173b9914f659743d545126b400a" 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;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">enroll in the Plan;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z54ba70eafdcf4a20b873b47c420aa3a8" 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;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">make optional cash investments;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="za8b454fd3892443cb7b05d34802a4937" 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;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">request sale of common shares;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z93ad7ca04e7641a1abab63c3b3c2a645" 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;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">obtain stock power forms;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zbb7abcf84e1143b4af0a0693eb84c607" 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;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">view account status and account transactions;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z115d16821d5e462491d731bb9476bcba" 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;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">perform address changes;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z754995a04f1240e99fa463742615c8b1" 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;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">request share certificates;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zbcb62119dab94d28844f56ae70e7a412" 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;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">request duplicate statements;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z427df56d1a2b42e78f7fd0577b9d4b16" 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;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">view-print-request form 1099; and</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z696e69f7498f48b383f40627023eef92" 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;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">view certificate, book-entry and dividend payment history.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Technical assistance and help if you have forgotten your password are available Monday through Friday, between 9:00 a.m. and 7:00 p.m.,
      Eastern Standard Time, at 1-800-301-3489.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">To access Investor Center, please visit the Computershare website at&#160;</font><font style="font-weight: bold; font-style: italic; color: #467886;"><u>www.computershare.com/investor</u></font>.</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">S-16</font></div>
      <div class="BRPFPageBreak" 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-bottom: 12pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z11b862af13ce4308bbe5d61b19a3f9dd" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6.88%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">19.</div>
          </td>
          <td style="width: 93.12%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">What kind of reports will I receive as a participant in the Plan?<br>
              <br>
            </div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Unless you participate in the Plan through a broker, bank or nominee, the Plan Administrator will send a transaction notice confirming the
      details of any initial and optional cash investment you make within ten (10)&#160;business days. When you participate in the dividend reinvestment feature, you will receive a quarterly statement of your account. If you do not reinvest dividends and have
      no additional purchase or sale transactions, you will receive, at minimum, an annual notification of your holdings of common shares in your Plan account.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Plan Administrator will send a statement following any sale activity in your account. In this statement you will receive a check and a
      statement with information regarding the trade such as sale price, shares sold, net dollars and taxes, if any.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">You should keep these statements as they contain important information regarding the tax basis for common shares purchased pursuant to the
      Plan and the gain for common shares sold.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">You can request copies of statements by contacting the Plan Administrator via an online request or by telephone. In addition, you will
      receive copies of other communications sent to holders of common shares, including our annual and other reports to our shareholders, the notice of annual meeting and proxy statement in connection with our annual meeting of shareholders and Internal
      Revenue Service information for reporting dividends paid.</div>
    <table cellspacing="0" cellpadding="0" id="z5b761af016384bc698ba55171d2c9625" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6.88%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">20.</div>
          </td>
          <td style="width: 93.12%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Will I receive share certificates for my Plan shares?<br>
              <br>
            </div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Each purchase of common shares through the Plan is credited to your Plan account. Your account statement will show the number of common
      shares, including any fractional shares, credited to your account. You will not receive a certificate for your Plan shares unless you request one. You can request a certificate for some or all of your whole shares from the Plan Administrator at any
      time. There is a fee for certificate issuance. Certificates for fractional shares are never issued.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Your account under the Plan will be maintained in the name or names in which your shares were registered at the time you entered the Plan.
      Consequently, certificates for whole shares will be similarly registered when issued.</div>
    <table cellspacing="0" cellpadding="0" id="z8158d86bd32b4642ad59bda49f653db4" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6.88%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">21.</div>
          </td>
          <td style="width: 93.12%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Can I deposit share certificates for safekeeping?</div>
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;"> <br>
            </div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">You can at any time, including when you first enroll, deposit share certificates registered in your name with the Plan Administrator for
      safekeeping, at no cost to you.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Safekeeping protects your share certificates against loss, theft or accidental destruction and also provides a convenient way for you to
      keep track of your common shares. Only share certificates held in safekeeping may be sold through the Plan.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">If you own common shares in certificate form, you may deposit your certificates for those shares free of charge with the Plan
      Administrator. Certificates should be mailed unsigned and properly insured by USPS registered mail or by any track-able delivery service to the address under &#8220;4.<font style="font-style: italic;">&#160;How do I contact the&#160;Plan Administrator?</font>&#8221;</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="za3828b9ab6aa4d409a1659f6783d533b" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6.88%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">22.</div>
          </td>
          <td style="width: 93.12%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">How do I sell my Plan shares?</div>
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;"> <br>
            </div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">You may request that the Plan Administrator sell your shares using any of the methods described below.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic;">Market Order</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">A market order is a request to sell our common shares promptly at the current market price. Market order sales are only available at
      www.computershare.com/investor, through Investor Center, or by calling the Plan Administrator directly at&#160;1-800-301-3489.&#160;Market order sale requests received at www.computershare.com/investor, through Investor Center, or by telephone will be placed
      promptly upon receipt during market hours (normally 9:30 a.m. to 4:00 p.m. Eastern time). Any orders received outside of market hours will be submitted to the Plan Administrator&#8217;s broker on the next day the market is open. Sales proceeds will equal
      the market price of the sale obtained by the Plan Administrator&#8217;s broker, net of taxes and fees. The Plan Administrator will use commercially reasonable efforts to honor requests by participants to cancel market orders placed outside of market hours.
      Depending on the number of shares being sold and current trading volume in the shares, a market order may only be partially filled or not filled at all on the trading day in which it is placed, in which case the order, or remainder of the order, as
      applicable, will be cancelled at the end of such day. To determine if your shares were sold, you should check your account online at www.computershare.com/investor or call the Plan Administrator directly at&#160;1-800-301-3489.&#160;If your market order sale
      was not filled and you still want the shares to be sold, you will need to&#160;re-enter&#160;the sale request. The price shall be the market price of the sale obtained by the Plan Administrator&#8217;s broker, less a service fee of $25.00 and a processing fee of
      $0.12 per share* sold.</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">S-17</font></div>
      <div class="BRPFPageBreak" 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-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic;">Batch Order</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">A batch order is an accumulation of all sale requests for our common shares submitted together as a collective request. You can sell shares
      by batch order by completing and returning the form located on the back of your Dividend Reinvestment Plan statement. Batch orders are submitted on each market day, assuming there are sale requests to be processed. Sale instructions for batch orders
      received by the Plan Administrator will be processed no later than five business days after the date on which the order is received (except where deferral is required under applicable federal or state laws or regulations), assuming the applicable
      market is open for trading and sufficient market liquidity exists. All sale requests received in writing will be submitted as batch order sales. In every case of a batch order sale, the price shall be the weighted average sale price obtained by the
      Plan Administrator&#8217;s broker, less a service fee of $25.00 and a processing fee of $0.12 per share* sold.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic;">Day Limit Order</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">A day limit order is an order to sell our common shares when and if they reach a specific trading price on a specific day. The order is
      automatically cancelled if the price is not met by the end of that day (or, for orders placed after market hours, the next day the market is open). Depending on the number of our common shares being sold and the current trading volume in the shares,
      such an order may only be partially filled, in which case the remainder of the order will be cancelled. The order may be cancelled by the applicable stock exchange, by the Plan Administrator at its sole discretion or, if the Plan Administrator&#8217;s
      broker has not filled the order, at your request made online at www.computershare.com/investor or by calling the Plan Administrator directly at&#160;1-800-301-3489.&#160;A service fee of $25.00 and a processing fee of $0.12 per share sold will be deducted from
      the sale proceeds.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic;">Good-Til-Cancelled (&#8220;GTC&#8221;) Limit Order</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">A GTC limit order is an order to sell our common shares when and if the shares reach a specific trading price at any time while the order
      remains open (generally up to 30 days). Depending on the number of shares being sold and current trading volume in the shares, sales may be executed in multiple transactions and over more than one day. If shares trade on more than one day, a separate
      fee will be charged for each such day. The order (or any unexecuted portion thereof) is automatically cancelled if the trading price is not met by the end of the order period. The order may be cancelled by the applicable stock exchange, by the Plan
      Administrator at its sole discretion or, if the Plan Administrator&#8217;s broker has not filled the order, at your request made online at www.computershare.com/investor or by calling the Plan Administrator directly at&#160;1-800-301-3489.&#160;A service fee of
      $25.00 and a processing fee of $0.12 per share* sold will be deducted from the sale proceeds.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic;">General:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">*All per share fees include any brokerage commissions the Plan Administrator is required to pay. Any fractional share will be rounded up to
      a whole share for purposes of calculating the per share fee. All sales requests processed over the telephone by a customer service representative entail an additional fee of $15.00. Fees are deducted from the proceeds derived from the sale. The Plan
      Administrator may, under certain circumstances, require a transaction request to be submitted in writing. Please contact the Plan Administrator to determine if there are any limitations applicable to your particular sale request.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Alternatively, you may choose to sell your Plan shares through a stockbroker of your choice, in which case you would have to request that
      the Plan Administrator electronically transfer your Plan shares to your stockbroker. You may also request a certificate for your common shares from the Plan Administrator for delivery to your stockbroker prior to settlement of such sale. See<font style="font-style: italic;">&#160;&#8220;23. How do I discontinue participation in the&#160;Plan?&#8221;</font>&#160;for instructions on how to obtain a certificate.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold; font-style: italic;">The price of common shares fluctuates on a daily basis. The price may rise or fall
        after you submit your request to sell and prior to the ultimate sale of your common shares. The price risk will be borne solely by you. You cannot revoke your request to the Plan Administrator to sell any Plan shares once it is made</font>.</div>
    <table cellspacing="0" cellpadding="0" id="z57799ec522a34fa5be34f21d7100b999" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6.88%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">23.</div>
          </td>
          <td style="width: 93.12%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">How do I discontinue participation in the Plan?</div>
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;"> <br>
            </div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">You may discontinue the reinvestment of your dividends by giving notice to the Plan Administrator by telephone, in writing or by changing
      your dividend reinvestment option when you access your account over the Internet through Investor Center at www.computershare.com/investor. Please see &#8220;<font style="font-style: italic;">4. How do I contact the&#160;Plan Administrator?</font>&#8221; and<font style="font-style: italic;">&#160;&#8220;18. May I enroll, view my account information, and execute transactions online?&#8221;</font>&#160;for contact details. If you discontinue your participation in the Plan, the Plan Administrator will continue to hold your common
      shares unless you request a certificate for any full shares and a check for any fractional share. In the alternative, you may request that all or part of the common shares credited to your account in the Plan be sold at any time. Please see<font style="font-style: italic;">&#160;&#8220;22. How do I sell my&#160;Plan&#160;shares?&#8221;</font>&#160;for more information.</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">S-18</font></div>
      <div class="BRPFPageBreak" 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-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">If your request to discontinue participation in the Plan is received by the Plan Administrator near a dividend record date (record dates
      normally precede the payment dates by ten (10)&#160;to twenty (20)&#160;business days), the Plan Administrator, in its sole discretion may either pay such dividend in cash or reinvest it in common shares for your account. The request to discontinue
      participation in the Plan will then be processed as promptly as possible following such dividend payment date. Any cash payments which you may have sent to the Plan Administrator prior to the request to discontinue participation in the Plan will also
      be invested on the next investment date unless you expressly request return of that payment in your request to discontinue participation in the Plan and your request to discontinue participation in the Plan is received by the Plan Administrator at
      least two (2)&#160;business days prior to the investment date. All dividends subsequent to such dividend payment date will be paid in cash to you unless and until you&#160;re-enroll&#160;in the Plan, which you may do at any time.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">If you have discontinued participation in the Plan, you can&#160;re-enroll&#160;in the Plan&#160;on-line&#160;or by submitting a new enrollment form and
      complying with all other enrollment procedures. To minimize unnecessary Plan administrative costs and to encourage use of the Plan as a long-term investment vehicle, we reserve the right to deny participation in the Plan to previous participants who
      we or the Plan Administrator believe have been excessive in their enrollment and discontinuation.</div>
    <table cellspacing="0" cellpadding="0" id="ze5fe6ba0bd1f406ab7f176851e2795f1" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6.88%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">24.</div>
          </td>
          <td style="width: 93.12%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">What happens if I sell or transfer all the common shares registered in my name and held by me?</div>
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;"> <br>
            </div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">If you dispose of all the common shares registered in your name, including the common shares participating in the Plan, but do not give
      notice to the Plan Administrator, the Plan Administrator will continue to reinvest the cash dividends on any common shares held in your account under the Plan until the Plan Administrator is otherwise notified.</div>
    <table cellspacing="0" cellpadding="0" id="zb91639e65a6c4ad79370ca080cecba72" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6.88%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">25.</div>
          </td>
          <td style="width: 93.12%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">How do I transfer shares or give them as gifts?</div>
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;"> <br>
            </div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">You may obtain information about transferring your shares through the Computershare Transfer Wizard at www.transfermystock.com. The
      Transfer Wizard will guide you through the transfer process, assist you in completing the transfer form, and identify other necessary documentation you may need to provide.</div>
    <table cellspacing="0" cellpadding="0" id="zc7210d955ab9462ba629017d6616a568" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6.88%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">26.</div>
          </td>
          <td style="width: 93.12%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">What happens if we declare a dividend payable in common shares or declare a stock split?</div>
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;"> <br>
            </div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Any shares we distribute as a dividend on all of your common shares (including fractional shares) or upon any split of such shares, will be
      credited in book entry to your account. In a rights offering, your entitlement will be based upon your total holdings, including those credited to your account under the Plan. Rights applicable to shares credited to your account under the Plan will
      be sold by the Plan Administrator and the proceeds will be credited to your account under the Plan and applied to the purchase of shares on the next investment date.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">If you want to exercise, transfer or sell any portion of the rights applicable to the common shares credited to your account under the
      Plan, you must request, at least two days prior to the record date for the issuance of any such rights, that a portion of the shares credited to your account be transferred from your account and registered in your name. Except in unusual
      circumstances, the record date will be approximately ten (10)&#160;to twenty (20) business days in advance of the applicable distribution date.</div>
    <table cellspacing="0" cellpadding="0" id="z19a958e85b334f1584f9fd067d2b91d1" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6.88%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">27.</div>
          </td>
          <td style="width: 93.12%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">How will my common shares held by the Plan Administrator be voted at meetings of shareholders?</div>
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;"> <br>
            </div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Common shares held by the Plan Administrator for you will be voted as you direct. A proxy card will be sent to you in connection with any
      annual or special meeting of shareholders, as in the case of shareholders not participating in the Plan. This card will cover all common shares registered in your own name not participating in the Plan as well as all full and fractional shares held
      by the Plan Administrator for your account or held by the Plan Administrator for safekeeping under the Plan.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">As in the case of nonparticipating shareholders, if on a properly signed and returned proxy card, no instructions are indicated by you, all
      of your common shares &#8212; those registered in your own name and those held by the Plan Administrator for your account under the Plan &#8212; will be voted in accordance with recommendations of our management, unless otherwise provided. If the proxy card is
      not returned, or if it is returned unsigned or improperly signed, none of the common shares covered by such proxy card (including those held by the Plan Administrator under the Plan) will be voted.</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">S-19</font></div>
      <div class="BRPFPageBreak" 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-bottom: 12pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z64d4bbcfd46747f6bacab4482d87cf41" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6.88%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">28.</div>
          </td>
          <td style="width: 93.12%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Limitation of Liability</div>
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;"> <br>
            </div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Plan provides that neither we nor the Plan Administrator, nor any agent will be liable in administering the Plan, for any act done in
      good faith or for any omission to act in good faith in connection with the Plan. This limitation includes, but is not limited to, any claims of liability relating to:</div>
    <table cellspacing="0" cellpadding="0" id="zf0690c78ae5540c79ffe082cb7eae3af" 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;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">the failure to terminate your Plan account upon your death or adjudicated incompetence prior to receiving written notice of your death or adjudicated incompetence; or</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z990f98ff49754560bf9c6ebcd8907cc3" 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;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">the purchase or sale prices reflected in your Plan account or the dates of purchases or sales of common shares under the Plan; or</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z599ff531817d4752a6ed423d32d03ac5" 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;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">any loss or fluctuation in the market value of our common shares after the purchase or sale of common shares under the Plan.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The foregoing limitation of liability does not represent a waiver of any rights you may have under applicable securities laws.</div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">USE OF PROCEEDS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The net proceeds we realize from sales of our authorized and unissued common shares pursuant to the Plan will be used for working capital,
      general corporate purposes, asset purchases, debt repayment and strategic transactions. We do not know either the number of common shares that will be purchased under the Plan or the prices at which the common shares will be sold to participants.</div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The following is a discussion of the material United States federal income tax considerations relevant to a U.S. Participant, as defined
      below, with respect to participation in the Plan and, unless otherwise noted in the following discussion, is the opinion of Seward &amp; Kissel LLP, our United States counsel, insofar as it contains legal conclusions with respect to matters of United
      States federal income tax law. The opinion of our counsel is dependent on the accuracy of factual representations made by us to them, including descriptions of our operations contained herein.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">This discussion does not purport to deal with the tax consequences of participation in the Plan to all categories of investors, some of
      which may be subject to special rules, including, without limitation,&#160;tax-exempt&#160;organizations, qualified retirement plans, individual retirement accounts, financial institutions, insurance companies, real estate investment trusts, regulated
      investment companies, broker dealers, persons that are subject or elect a market method of accounting, persons whose functional currency is other than the U.S. dollar, persons who sold the common shares as part of a straddle, hedging transaction,
      conversion transaction, restrictive sale or other arrangement involving more than one position, persons that beneficially own, directly or constructively, 10% or more of our common shares, persons subject to the &#8220;base erosion and anti-avoidance&#8221; tax,
      persons required to recognize income for U.S. federal income tax purposes no later than when such income is included on an &#8220;applicable financial statement&#8221; and persons that hold the common shares other than as a capital asset. You are encouraged to
      consult your own tax advisors concerning the overall tax consequences arising in your own particular situation under United States federal, state, local or foreign law of the ownership of common shares. The opinions and statements made herein may be
      challenged by the United States Internal Revenue Service and, if so challenged, may not be sustained upon review in a court.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The following discussion of United States federal income tax matters is based on the United States Internal Revenue Code of 1986, as
      amended (the &#8220;Code&#8221;), judicial decisions, administrative pronouncements, and existing and proposed regulations issued by the United States Department of the Treasury, all of which as are in effect as of the date of this prospectus supplement and all
      of which are subject to change, possibly with retroactive effect. We have not received nor do we intend to seek a private letter ruling from the Internal Revenue Service regarding the Plan.</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">S-20</font></div>
      <div class="BRPFPageBreak" 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-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">A &#8220;U.S. Participant&#8221; means a participant in the Plan that is a United States citizen or resident for United States federal income tax
      purposes, United States corporation or other United States entity taxable as a corporation, an estate the income of which is subject to United States federal income taxation regardless of its source, or a trust if a court within the United States is
      able to exercise primary jurisdiction over the administration of the trust and one or more United States persons have the authority to control all substantial decisions of the trust, or that has a valid election in place to be treated as a U.S.
      person.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">If a partnership is a participant in the Plan, the tax treatment of a partner will generally depend upon the status of the partner and upon
      the activities of the partnership. If you are a partner in a partnership participating in the Plan, you are encouraged to consult your tax advisor.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Tax Consequences of Dividend Reinvestment</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">In the case of newly-issued common shares acquired from us, a U.S. Participant will be treated as receiving a distribution for United
      States federal income tax purposes in an amount equal to the fair market value as of the dividend payment date of the common shares purchased with the reinvested dividends. In the case of common shares acquired in market transactions, a U.S.
      Participant will be treated as receiving a distribution for United States federal income tax purposes in an amount equal to sum of (x)&#160;the cash dividend paid by us and (y)&#160;the pro rata share of any brokerage trading fees or other related charges paid
      by us in connection with the Plan Administrator&#8217;s purchase of the common shares on behalf of the participant. Those distribution amounts will be the U.S. Participant&#8217;s initial tax basis in the common shares purchased. A U.S. Participant&#8217;s holding
      period of those shares will begin on the day following the date of purchase.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The distributions described above will constitute taxable dividend income to a U.S. Participant to the extent of our current and
      accumulated earnings and profits. Such dividends may be eligible for taxation at reduced rates in the hands of a&#160;non-corporate&#160;U.S. Participant, provided that we are not a passive foreign investment company for the taxable year during which the
      dividend is paid or the immediately preceding taxable year (as discussed in detail in &#8220;Item 10.E&#8212;Taxation&#8212;U.S. Taxation&#8212;Passive Foreign Investment Company Status and Significant Tax Consequences&#8221; in our annual report on Form&#160;20-F&#160;for the year ended
      December&#160;31, 2024, which is incorporated herein by reference), and certain holding period and certain other requirements are satisfied. There is no assurance that any dividends paid on our common shares will be eligible for these reduced rates. Any
      dividends which are not eligible for these reduced rates will be taxed as ordinary income to a&#160;non-corporate&#160;U.S. participant. Distributions in excess of our earnings and profits will be treated first as a nontaxable return of capital to the extent
      of the U.S. Participant&#8217;s tax basis in his common shares on a&#160;dollar-for-dollar&#160;basis and thereafter as capital gain.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Tax Consequences of Optional Cash Investments</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">With respect to newly-issued common shares, a U.S. Participant who elects to invest in additional shares by making optional cash
      investments will be treated for United States federal income tax purposes as having received a dividend equal to the excess (if any) of (i)&#160;the fair market value on the investment date of the common shares purchased, over (ii)&#160;the optional cash
      investments made. A U.S. Participant will not be deemed to have received a dividend with respect to shares acquired by purchases in market transactions, except to the extent of brokerage fees and charges paid to the Plan Administrator by us. A U.S.
      Participant&#8217;s tax basis in the common shares purchased will be equal to the cost paid by the participant in acquiring the stock, plus the amount (if any) treated as a dividend for federal income tax purposes. The U.S. Participant&#8217;s holding period for
      those common shares will begin on the day following the date of purchase.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Any distributions which the participant is treated as receiving would be taxable income or gain or reduce the tax basis in common shares,
      or some combination of these treatments, under the rules described above under &#8220;Tax Consequences of Dividend Reinvestment.&#8221;</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Tax Consequences of Dispositions</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Subject to the passive foreign investment company rules discussed in detail in &#8220;Item 10.E&#8212;Taxation&#8212;U.S. Taxation&#8221; in our Annual Report on
      Form 20-F for the year ended December&#160;31, 2024, which is incorporated herein by reference, a U.S. Participant generally will recognize taxable gain or loss upon a sale, exchange or other disposition of the shares purchased pursuant to the Plan
      whether the sale or exchange is made at the U.S. Participant&#8217;s request, upon withdrawal from the Plan or takes place after withdrawal from or termination of the Plan and, in the case of a fractional share, when the participant receives a cash payment
      for a fraction of a common share credited to his or her account. The amount of gain or loss will equal the difference between the amount realized by the U.S. Participant from such sale, exchange or other disposition and the U.S. Participant&#8217;s tax
      basis in the common shares. Such gain or loss will be treated as long-term capital gain or loss if the U.S. Participant&#8217;s holding period in the common shares is greater than one year at the time of the sale, exchange or other disposition. A U.S.
      Participant&#8217;s ability to deduct capital losses is subject to certain limitations.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">A U.S. Participant will not realize any taxable income when he receives certificates for whole shares credited to his account, either upon
      his request for such certificates or upon withdrawal from or termination of the Plan.</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">S-21</font></div>
      <div class="BRPFPageBreak" 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-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Backup Withholding and Information Reporting</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">In general, dividend payments and other taxable distributions made within the United States to a U.S. Participant will be subject to
      information reporting requirements. Such payments will also be subject to backup withholding tax when paid to a&#160;non-corporate&#160;U.S. Participant who:</div>
    <table cellspacing="0" cellpadding="0" id="zaed8de5338684ed3a47c8fb6edeea699" 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;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">fails to provide an accurate taxpayer identification number;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z12e735bb5015486b92fd3fbbe0f1c4fb" 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;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">is notified by the Internal Revenue Service that he has failed to report all interest or dividends required to be shown on his United States federal income tax returns; or</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zcb3b987934f442cf822b30a7768d7fe6" 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;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">in certain circumstances, fails to comply with applicable certification requirements.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">If a dividend is subject to backup withholding, the applicable amount will be withheld from the dividend before the dividend is reinvested
      under the Plan. Backup withholding tax is not an additional tax. Rather, a U.S. Participant generally may obtain a refund of any amounts withheld under backup withholding rules that exceed his United States federal income tax liability by filing a
      refund claim with the Internal Revenue Service.</div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Certain Bermuda Tax Considerations</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">At the present time, there is no Bermuda income or profits tax, withholding tax, capital gains tax, capital transfer tax, estate duty or
      inheritance tax payable by us or by our shareholders in respect of our common shares. On December 27, 2023, Bermuda enacted the Corporate Income Tax Act (the &#8220;CIT Act&#8221;). Entities subject to tax under the CIT Act are the Bermuda organized entities and
      businesses that are constituent parts of multinational groups. A multinational group is defined under the CIT Act as a group with entities in more than one jurisdiction with consolidated revenues of at least EUR 750 million for two out of the last
      four fiscal years. If Bermuda-organized entities and businesses that are constituent parts of a multinational group are subject to tax under the CIT Act, for taxable years beginning on or after January 1, 2025, Bermuda will impose a 15% corporate
      income tax, as determined in accordance with and subject to the adjustments set out in the CIT Act (including adjustments in respect of foreign tax credits applicable to the Bermuda organized entities and businesses).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Minister of Finance in Bermuda has granted us a tax-exempt status until March 31, 2035, under which no income taxes or other taxes
      (other than duty on goods imported into Bermuda and payroll tax in respect of any Bermuda-resident employees) are payable by us in Bermuda. While we have such tax assurance under the Exempted Undertakings Tax Protection Act 1966 (the &#8220;EUTP Act&#8221;), the
      CIT Act applies notwithstanding any assurance given pursuant to the EUTP Act. In the event that our consolidated revenue exceeds the CIT Act thresholds, we may be subject to taxation in Bermuda.</div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">PLAN OF DISTRIBUTION</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Subject to the discussion below, we will distribute newly issued common shares sold under the Plan. A Plan Administrator&#8217;s registered
      broker/dealer may assist in the identification of investors and provide other related services but will not be acting as an underwriter with respect to our common shares sold under the Plan. You will pay a per share fee on common shares purchased
      through the Plan when common shares are being acquired from us or through open market sources. You will also be responsible for other fees and expenses, including a handling fee and brokerage trading fees upon the sale of your common shares that are
      subject to the Plan. Please see &#8220;Description of the Plan&#8221; under<font style="font-style: italic;">&#160;&#8220;8. What are the fees associated with&#160;participation.&#8221;</font>&#160;The common shares are currently listed on the New York Stock Exchange.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">In connection with the administration of the Plan, we may be requested to approve investments made pursuant to requests for waiver by or on
      behalf of existing shareholders and new investors who may be engaged in the securities business.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Persons who acquire our common shares through the Plan and resell them shortly after acquiring them, including coverage of short positions,
      under certain circumstances, may be participating in a distribution of securities that would require compliance with Regulation M under the Exchange Act, and may be considered to be underwriters within the meaning of the Securities Act. We will not
      extend to any such person any rights or privileges other than those to which he, she or it would be entitled as a participant, nor will we enter into any agreement with any such person regarding the resale or distribution by any such person of our
      common shares so purchased. We may, however, accept optional cash investments and initial investments made pursuant to requests for waiver by such persons.</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">S-22</font></div>
      <div class="BRPFPageBreak" 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-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">From time to time, financial intermediaries, including brokers and dealers, and other persons may engage in positioning transactions in
      order to benefit from any waiver discounts applicable to optional cash investments and initial investments made pursuant to requests for waiver under the Plan. Those transactions may cause fluctuations in the trading volume of our common shares.
      Financial intermediaries and such other persons who engage in positioning transactions may be deemed to be underwriters. We have no arrangements or understandings, formal or informal, with any person relating to the sale of our common shares to be
      received under the Plan. We reserve the right to modify, suspend or terminate participation in the Plan by otherwise eligible persons to eliminate practices that are inconsistent with the purposes of the Plan.</div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">EXPENSES</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The following are the estimated expenses of the issuance and distribution of the securities being registered under the registration
      statement of which this prospectus supplement forms a part, all of which will be paid by us.</div>
    <table cellspacing="0" cellpadding="0" id="z6782c2e1c13f4fa7948f65d657dc1437" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 75.12%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify; text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">SEC registration fee</div>
          </td>
          <td style="width: 3.11%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 3.11%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 17.1%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;">11,242<br>
          </td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; background-color: #CCEEFF;"><br>
          </td>
        </tr>
        <tr>
          <td style="width: 75.12%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Legal fees and expenses</div>
          </td>
          <td style="width: 3.11%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 3.11%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 17.1%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman', serif;">35,000</div>
          </td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 75.12%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify; text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Accounting fees and expenses</div>
          </td>
          <td style="width: 3.11%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 3.11%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 17.1%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman', serif;">0</div>
          </td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 75.12%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Plan administrator fees</div>
          </td>
          <td style="width: 3.11%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 3.11%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 17.1%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman', serif;">7,500</div>
          </td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 75.12%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify; text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Miscellaneous</div>
          </td>
          <td style="width: 3.11%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 3.11%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 17.1%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;">258<br>
          </td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; background-color: #CCEEFF;"><br>
          </td>
        </tr>
        <tr>
          <td style="width: 75.12%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Total</div>
          </td>
          <td style="width: 3.11%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 3.11%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 17.1%; vertical-align: bottom; text-align: right;">54,000<br>
          </td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom;"><br>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">EXPERTS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The consolidated financial statements of SFL Corporation Ltd. as of December&#160;31, 2023 and December 31, 2024 and for the years then ended,
      and the effectiveness of SFL Corporation Ltd.&#8217;s internal control over financial reporting as of December&#160;31, 2023 and December 31, 2024 appearing in SFL Corporation Ltd.&#8217;s Annual Reports on Form&#160;20-F&#160;for the years ended December&#160;31, 2023 and December
      31, 2024, respectively, have been audited by Ernst&#160;&amp; Young AS, independent registered public accounting firm, as set forth in their reports thereon, included therein, and incorporated herein by reference. Such consolidated financial statements
      are incorporated herein by reference in reliance upon such reports given on the authority of such firm as experts in accounting and auditing. The address of Ernst&#160;&amp; Young AS is Stortorvet 7, 0155 Oslo, Norway.</div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">LEGAL MATTERS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The validity of the securities offered by this prospectus supplement will be passed upon for us by MJM Limited with respect to matters of
      Bermuda law. Seward&#160;&amp; Kissel LLP has passed upon certain information in the prospectus related to matters of U.S. federal income tax.</div>
    <div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">S-23</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div><br>
        <br>
        <div>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;"><br>
              <br>
              PROSPECTUS</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="text-align: center; margin-top: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 24pt; font-weight: bold;">SFL CORPORATION LTD.</div>
          </div>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
          </div>
          <div>
            <div style="text-align: center;"><img height="166" width="176" src="image0.jpg"></div>
          </div>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
          </div>
          <div>
            <div style="text-align: center; margin-bottom: 2pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 13.5pt;">&#160;</div>
            <div><br>
            </div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="text-indent: 24.5pt; margin-top: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Through this prospectus, we may periodically offer:</div>
          </div>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
          </div>
          <table cellspacing="0" cellpadding="0" id="z2e5e8436aa47466aaead9c7ff4ba40fa" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 5%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">(1)</div>
                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">common shares;</div>
                </td>
              </tr>

          </table>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
          </div>
          <table cellspacing="0" cellpadding="0" id="zb3c6acb467ff421c827a87dba3f9c5c7" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 5%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">(2)</div>
                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">preferred shares;</div>
                </td>
              </tr>

          </table>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
          </div>
          <table cellspacing="0" cellpadding="0" id="z81685b6445264fdaa634e523af6c39c3" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 5%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">(3)</div>
                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">debt securities;</div>
                </td>
              </tr>

          </table>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
          </div>
          <table cellspacing="0" cellpadding="0" id="zd6f6451f3af34446b9ded90b5eb3447c" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 5%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">(4)</div>
                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">warrants;</div>
                </td>
              </tr>

          </table>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
          </div>
          <table cellspacing="0" cellpadding="0" id="zbbad5247cbc44a4780a7f3423d4ff738" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 5%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">(5)</div>
                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">purchase contracts;</div>
                </td>
              </tr>

          </table>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
          </div>
          <table cellspacing="0" cellpadding="0" id="z83eb8babecfc44799a9520c22433da5d" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 5%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">(6)</div>
                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">its rights; and</div>
                </td>
              </tr>

          </table>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
          </div>
          <table cellspacing="0" cellpadding="0" id="z3b9317bb91a449a2964b4b8f0c58ba75" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 5%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">(7)</div>
                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">its units.</div>
                </td>
              </tr>

          </table>
          <div>
            <div><br>
            </div>
            <div style="text-indent: 24.5pt; margin-top: 12pt; color: #000000; font-family: 'Times New Roman', serif;">We may also offer securities of the types listed above that are convertible or exchangeable into one or more of the securities listed
              above.</div>
            <div style="text-indent: 24.5pt; margin-top: 12pt; color: #000000; font-family: 'Times New Roman', serif;">The securities issued and sold under this prospectus may be offered directly or through underwriters, agents or dealers.&#160;The names of any
              underwriters, agents or dealers will be included in a supplement to this prospectus.&#160;The prices and other terms of the securities issued and sold under this prospectus will be determined at the time of their offering and will be described in
              a supplement to this prospectus.</div>
            <div style="text-indent: 24.5pt; margin-top: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Our common shares are currently listed on the New York Stock Exchange, or the NYSE, under the symbol &#8220;SFL.&#8221;</div>
          </div>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
          </div>
          <div>
            <div style="text-align: center; margin-bottom: 2pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 13.5pt;">&#160;</div>
            <div><br>
            </div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="text-indent: 24.5pt; margin-top: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;"><font style="color: #000000;">An investment in these securities involves risks. See the section entitled &#8220;</font><font style="color: #0000FF;"><u>Risk Factors</u></font><font style="color: #000000;">&#8221; beginning on page 9 of this prospectus and other risk factors contained in any applicable prospectus supplement and in the documents incorporated by reference herein and
                therein before making your investment decision.</font></div>
            <div style="text-indent: 24.5pt; margin-top: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of
              these securities or determined if this prospectus is truthful or complete.&#160;Any representation to the contrary is a criminal offense.</div>
          </div>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
          </div>
          <div>
            <div style="text-align: center; margin-bottom: 2pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 13.5pt;">&#160;</div>
            <div><br>
            </div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="text-align: center; margin-top: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">The date of this prospectus is April&#160;28, 2023.</div>
          </div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div class="BRPFPageBreak" 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>
            <div><br>
            </div>
          </div>
          <div>
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">TABLE OF CONTENTS</div>
          </div>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
            <div><br>
            </div>
          </div>
          <table cellspacing="0" cellpadding="0" id="ze4ad7e1c350b4d19a6a840222ddd5022" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 88.5%; vertical-align: top;">
                  <div style="color: #000000; font-family: 'Times New Roman', serif;">ABOUT THIS PROSPECTUS</div>
                </td>
                <td style="width: 11.5%; vertical-align: top;">
                  <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">ii</div>
                </td>
              </tr>
              <tr>
                <td style="width: 88.5%; vertical-align: top;">
                  <div style="color: #000000; font-family: 'Times New Roman', serif;">PROSPECTUS SUMMARY</div>
                </td>
                <td style="width: 11.5%; vertical-align: top;">
                  <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">1</div>
                </td>
              </tr>
              <tr>
                <td style="width: 88.5%; vertical-align: top;">
                  <div style="color: #000000; font-family: 'Times New Roman', serif;">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</div>
                </td>
                <td style="width: 11.5%; vertical-align: top;">
                  <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">5</div>
                </td>
              </tr>
              <tr>
                <td style="width: 88.5%; vertical-align: top;">
                  <div style="color: #000000; font-family: 'Times New Roman', serif;">RISK FACTORS</div>
                </td>
                <td style="width: 11.5%; vertical-align: top;">
                  <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">9</div>
                </td>
              </tr>
              <tr>
                <td style="width: 88.5%; vertical-align: top;">
                  <div style="color: #000000; font-family: 'Times New Roman', serif;">USE OF PROCEEDS</div>
                </td>
                <td style="width: 11.5%; vertical-align: top;">
                  <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">10</div>
                </td>
              </tr>
              <tr>
                <td style="width: 88.5%; vertical-align: top;">
                  <div style="color: #000000; font-family: 'Times New Roman', serif;">CAPITALIZATION</div>
                </td>
                <td style="width: 11.5%; vertical-align: top;">
                  <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">11</div>
                </td>
              </tr>
              <tr>
                <td style="width: 88.5%; vertical-align: top;">
                  <div style="color: #000000; font-family: 'Times New Roman', serif;">ENFORCEABILITY OF CIVIL LIABILITIES</div>
                </td>
                <td style="width: 11.5%; vertical-align: top;">
                  <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">12</div>
                </td>
              </tr>
              <tr>
                <td style="width: 88.5%; vertical-align: top;">
                  <div style="color: #000000; font-family: 'Times New Roman', serif;">DESCRIPTION OF SHARE CAPITAL</div>
                </td>
                <td style="width: 11.5%; vertical-align: top;">
                  <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">13</div>
                </td>
              </tr>
              <tr>
                <td style="width: 88.5%; vertical-align: top;">
                  <div style="color: #000000; font-family: 'Times New Roman', serif;">DESCRIPTION OF DEBT SECURITIES</div>
                </td>
                <td style="width: 11.5%; vertical-align: top;">
                  <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">17</div>
                </td>
              </tr>
              <tr>
                <td style="width: 88.5%; vertical-align: top;">
                  <div style="color: #000000; font-family: 'Times New Roman', serif;">DESCRIPTION OF WARRANTS</div>
                </td>
                <td style="width: 11.5%; vertical-align: top;">
                  <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">24</div>
                </td>
              </tr>
              <tr>
                <td style="width: 88.5%; vertical-align: top;">
                  <div style="color: #000000; font-family: 'Times New Roman', serif;">DESCRIPTION OF PURCHASE CONTRACTS</div>
                </td>
                <td style="width: 11.5%; vertical-align: top;">
                  <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">25</div>
                </td>
              </tr>
              <tr>
                <td style="width: 88.5%; vertical-align: top;">
                  <div style="color: #000000; font-family: 'Times New Roman', serif;">DESCRIPTION OF RIGHTS</div>
                </td>
                <td style="width: 11.5%; vertical-align: top;">
                  <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">26</div>
                </td>
              </tr>
              <tr>
                <td style="width: 88.5%; vertical-align: top;">
                  <div style="color: #000000; font-family: 'Times New Roman', serif;">DESCRIPTION OF UNITS</div>
                </td>
                <td style="width: 11.5%; vertical-align: top;">
                  <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">27</div>
                </td>
              </tr>
              <tr>
                <td style="width: 88.5%; vertical-align: top;">
                  <div style="color: #000000; font-family: 'Times New Roman', serif;">PLAN OF DISTRIBUTION</div>
                </td>
                <td style="width: 11.5%; vertical-align: top;">
                  <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">28</div>
                </td>
              </tr>
              <tr>
                <td style="width: 88.5%; vertical-align: top;">
                  <div style="color: #000000; font-family: 'Times New Roman', serif;">EXPENSES</div>
                </td>
                <td style="width: 11.5%; vertical-align: top;">
                  <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">30</div>
                </td>
              </tr>
              <tr>
                <td style="width: 88.5%; vertical-align: top;">
                  <div style="color: #000000; font-family: 'Times New Roman', serif;">LEGAL MATTERS</div>
                </td>
                <td style="width: 11.5%; vertical-align: top;">
                  <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">31</div>
                </td>
              </tr>
              <tr>
                <td style="width: 88.5%; vertical-align: top;">
                  <div style="color: #000000; font-family: 'Times New Roman', serif;">EXPERTS</div>
                </td>
                <td style="width: 11.5%; vertical-align: top;">
                  <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">31</div>
                </td>
              </tr>
              <tr>
                <td style="width: 88.5%; vertical-align: top;">
                  <div style="color: #000000; font-family: 'Times New Roman', serif;">WHERE YOU CAN FIND ADDITIONAL INFORMATION</div>
                </td>
                <td style="width: 11.5%; vertical-align: top;">
                  <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">31</div>
                </td>
              </tr>

          </table>
          <div>
            <div><br>
            </div>
            <div style="margin-top: 12pt; margin-bottom: 12pt;"><br>
            </div>
            <div><br>
            </div>
          </div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div class="BRPFPageBreak" 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>
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          <div style="margin-bottom: 8pt;"><br>
          </div>
          <div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold; text-align: center;">ABOUT THIS PROSPECTUS</div>
          </div>
          <div>
            <div style="text-indent: 24.5pt; margin-top: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Unless otherwise indicated, all references to &#8220;dollars&#8221; and &#8220;$&#8221; in this prospectus are to, and amounts are presented in, U.S. dollars and
              financial information presented in this prospectus that is derived from financial statements incorporated by reference is prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP.&#160;We have a
              fiscal year end of December 31.</div>
            <div style="text-indent: 24.5pt; margin-top: 12pt; color: #000000; font-family: 'Times New Roman', serif;">This prospectus is part of a registration statement that we filed with the U.S. Securities and Exchange Commission, or the Commission,
              using a shelf registration process.&#160;Under the shelf registration process, we may sell the common shares, preferred shares, debt securities, warrants, purchase contracts, rights and units described in this prospectus in one or more
              offerings.&#160;This prospectus provides you with a general description of the securities we may offer.&#160;Each time we offer securities pursuant to this prospectus, we will provide you with a prospectus supplement that will describe the specific
              amounts, prices and terms of the offered securities.&#160;The prospectus supplement may also add, update or change the information contained in this prospectus.&#160;If there is any inconsistency between the information in this prospectus and any
              prospectus supplement, you should rely on the prospectus supplement. Before purchasing any securities, you should read carefully both this prospectus and any prospectus supplement, together with the additional information described below.</div>
            <div style="text-indent: 24.5pt; margin-top: 12pt; color: #000000; font-family: 'Times New Roman', serif;">This prospectus and any prospectus supplement are part of a registration statement we filed with the Commission and do not contain all
              the information provided in that registration statement.&#160;For further information about us or the securities offered hereby, you should refer to that registration statement, which you can obtain from the Commission as described below under
              &#8220;Where You Can Find Additional Information.&#8221;</div>
            <div style="text-indent: 24.5pt; margin-top: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Other than in the United States, no action has been taken by us that would permit a public offering of the securities offered by this
              prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements
              in connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons
              into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a
              solicitation of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.</div>
            <div style="text-indent: 24.5pt; margin-top: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Common shares may be offered or sold in Bermuda only in compliance with the provisions of the Investment Business Act of 2003 and the
              Exchange Control Act of 1972, and related regulations of Bermuda which regulate the sale of securities in Bermuda. In addition, specific, permission is required from the Bermuda Monetary Authority, or the BMA, pursuant to the provisions of
              the Exchange Control Act of 1972 and related regulations, for all issuances and transfers of securities of Bermuda companies, other than in cases where the BMA has granted a general permission.&#160;The BMA in its policy dated June&#160;1, 2005
              provides that, where any equity securities, including our common shares, of a Bermuda company are listed on an appointed stock exchange, general permission is given for the issue and subsequent transfer of any securities of such company from
              and/or to a&#160;non-resident&#160;of Bermuda, for so long as any equity securities of such company remain so listed.&#160;The NYSE is an appointed stock exchange under Bermuda law.&#160;Approvals or permissions given by the Bermuda Monetary Authority do not
              constitute a guarantee by the Bermuda Monetary Authority as to our performance or our creditworthiness. Accordingly, in granting such permission, the BMA accepts no responsibility for our financial soundness or the correctness of any of the
              statements made or opinions expressed in this prospectus or any prospectus supplement. Neither this prospectus nor any prospectus supplement needs to be filed with the Registrar of Companies in Bermuda in accordance with Part III of the
              Companies Act 1981 of Bermuda, or the Companies Act, pursuant to provisions incorporated therein following the enactment of the Companies and Partnerships (Electronic Registry) Amendment Act 2020.&#160;Such provisions state that Part III of the
              Companies Act shall not apply to any exempted company under the Companies Act. We are an exempted company under the Companies Act.</div>
          </div>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
          </div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">ii</font></div>
            <div class="BRPFPageBreak" 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>
          <!--PROfilePageNumberReset%LCR%3%%%-->
          <div style="margin-bottom: 8pt;"><br>
          </div>
          <div><br>
            <div><br>
            </div>
          </div>
          <div>
            <div style="text-indent: 24.5pt; color: #000000; font-family: 'Times New Roman', serif;">You should rely only on the information contained or incorporated by reference in this prospectus and in any prospectus supplement. We have not authorized
              any other person to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. We will not make an offer to sell these securities in any jurisdiction where the offer
              or sale is not permitted. You should assume that the information appearing in this prospectus and the applicable supplement to this prospectus is accurate as of the date on its respective cover, and that any information incorporated by
              reference is accurate only as of the date of the document incorporated by reference, unless we indicate otherwise. Our business, financial condition, results of operations and prospects may have changed since those dates.</div>
          </div>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
          </div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">iii</font></div>
            <div class="BRPFPageBreak" style="page-break-after: always;">
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          </div>
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          <div style="margin-bottom: 8pt;"><br>
          </div>
          <div>
            <div>
              <div style="margin-bottom: 8pt;"><br>
              </div>
              <div>
                <div style="border: 2px solid #000000; padding: 5px; width: 99%;">
                  <div> <br>
                  </div>
                  <div>
                    <div>
                      <div><br>
                      </div>
                    </div>
                    <div>
                      <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold; text-align: center;">PROSPECTUS SUMMARY</div>
                    </div>
                    <div>
                      <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic; text-indent: 24.5pt;">This section summarizes some of the information that is contained later in this prospectus or in other
                        documents incorporated by reference into this prospectus. As an investor or prospective investor, you should review carefully the risk factors and the more detailed information that appears later in this prospectus or is contained
                        in the documents that we incorporate by reference into this prospectus.</div>
                      <div style="text-indent: 24.5pt; margin-top: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Unless otherwise specified, when used in this prospectus, (i)&#160;the terms &#8220;SFL Corporation Ltd.,&#8221; &#8220;SFL,&#8221;
                        &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; and &#8220;our&#8221; refer to SFL Corporation Ltd. and its subsidiaries.</div>
                      <div style="text-indent: 24.5pt; margin-top: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">We use the term deadweight tons, or dwt, in describing the size of vessels. Dwt, expressed in metric tons,
                        each of which is equivalent to 1,000 kilograms, refers to the maximum weight of cargo and supplies that a vessel can carry. We use the term twenty-foot equivalent units, or &#8220;TEU&#8221;, in describing container vessels to refer to the
                        number of standard twenty foot containers that the vessel can carry.</div>
                    </div>
                    <div>
                      <div style="margin-top: 18pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">The Company</div>
                    </div>
                    <div>
                      <div><br>
                      </div>
                      <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">We are an international ship owning and chartering company with a large and diverse asset base across the maritime,
                        shipping and offshore asset classes and business sectors. As of April&#160;28, 2023, our assets consist of nine crude oil tankers, 15 dry bulk carriers, 32 container vessels (including seven&#160;leased-in&#160;container vessels), three car
                        carriers, one&#160;jack-up&#160;drilling rig, one ultra-deepwater drilling unit, one chemical tankers, and six oil product tankers, as well as four car carriers under construction and expected for delivery in 2023 and 2024, included in our
                        wholly owned subsidiaries. We also partly own four&#160;leased-in&#160;container vessels in our associated companies.</div>
                    </div>
                    <div>
                      <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">Our primary objective is to continue to grow our business through accretive acquisitions across a diverse range of marine
                        and offshore asset classes. In doing so, our strategy is to generate stable and increasing cash flows by chartering our assets primarily under medium to long-term bareboat or time charters.</div>
                      <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">We own a substantially modern fleet of vessels and rigs. The following table sets forth the fleet that we own
                        or&#160;charter-in&#160;including those in our associated companies as of April&#160;28, 2023. All of the VLCCs, Suezmax tankers, product tankers and chemical tankers are double-hull vessels.</div>
                    </div>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 40.6%; vertical-align: middle;">&#160;</td>
                          <td style="width: 2.18%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 0.53%; vertical-align: middle;">&#160;</td>
                          <td style="width: 4.27%; vertical-align: middle;">&#160;</td>
                          <td style="width: 0.53%; vertical-align: middle;">&#160;</td>
                          <td style="width: 2.18%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 0.53%; vertical-align: middle;">&#160;</td>
                          <td style="width: 11.16%; vertical-align: middle;">&#160;</td>
                          <td style="width: 0.53%; vertical-align: middle;">&#160;</td>
                          <td style="width: 2.19%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 0.53%; vertical-align: middle;">&#160;</td>
                          <td style="width: 3.09%; vertical-align: middle;">&#160;</td>
                          <td style="width: 0.53%; vertical-align: middle;">&#160;</td>
                          <td style="width: 2.19%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 0.53%; vertical-align: middle;">&#160;</td>
                          <td style="width: 14.54%; vertical-align: middle;">&#160;</td>
                          <td style="width: 0.53%; vertical-align: middle;">&#160;</td>
                          <td style="width: 1.07%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 0.92%; vertical-align: middle;">&#160;</td>
                          <td style="width: 8.3%; vertical-align: middle;">&#160;</td>
                          <td style="width: 3.03%; vertical-align: bottom;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 40.6%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
                          </td>
                          <td style="width: 2.18%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;&#160;</div>
                          </td>
                          <td style="width: 19.22%; vertical-align: bottom;" colspan="6">
                            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Approximate</div>
                          </td>
                          <td style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
                          </td>
                          <td style="width: 2.19%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;&#160;</div>
                          </td>
                          <td style="width: 3.62%; vertical-align: bottom;" colspan="2">
                            <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
                          </td>
                          <td style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
                          </td>
                          <td style="width: 2.19%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;&#160;</div>
                          </td>
                          <td style="width: 15.07%; vertical-align: bottom;" colspan="2">
                            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Lease</div>
                          </td>
                          <td style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
                          </td>
                          <td style="width: 1.07%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;&#160;</div>
                          </td>
                          <td style="width: 9.22%; vertical-align: bottom;" colspan="2">
                            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Charter<br>
                              Termination</div>
                          </td>
                          <td style="width: 3.03%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
                          </td>
                        </tr>
                        <tr>
                          <td nowrap="nowrap" style="width: 40.6%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Vessel</div>
                          </td>
                          <td style="width: 2.18%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;&#160;</div>
                          </td>
                          <td style="width: 4.81%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
                            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Built</div>
                          </td>
                          <td style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
                          </td>
                          <td style="width: 2.18%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;&#160;</div>
                          </td>
                          <td style="width: 11.7%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
                            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Capacity</div>
                          </td>
                          <td style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
                          </td>
                          <td style="width: 2.19%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;&#160;</div>
                          </td>
                          <td style="width: 3.62%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
                            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Flag</div>
                          </td>
                          <td style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
                          </td>
                          <td style="width: 2.19%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;&#160;</div>
                          </td>
                          <td style="width: 15.07%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
                            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Classification*</div>
                          </td>
                          <td style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
                          </td>
                          <td style="width: 1.07%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;&#160;</div>
                          </td>
                          <td style="width: 9.22%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
                            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Date*</div>
                          </td>
                          <td style="width: 3.03%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 40.6%; vertical-align: top; background-color: #CCEEFF; border-bottom: 2px solid black;">
                            <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">VLCCs</div>
                          </td>
                          <td style="width: 2.18%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 2.18%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 11.16%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 2.19%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 3.09%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 2.19%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 14.54%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 3.03%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 40.6%; vertical-align: top;">
                            <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Landbridge Wisdom</div>
                          </td>
                          <td style="width: 2.18%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2020</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.18%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">308,000 Dwt</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.19%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 3.09%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">HK</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.19%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 14.54%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">Leaseback&#160;assets</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 1.07%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2027&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 3.03%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">(1)&#160;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 40.6%; vertical-align: middle;">&#160;</td>
                          <td style="width: 7.52%; vertical-align: middle;" colspan="4">&#160;</td>
                          <td style="width: 14.41%; vertical-align: middle;" colspan="4">&#160;</td>
                          <td style="width: 6.35%; vertical-align: middle;" colspan="4">&#160;</td>
                          <td style="width: 17.8%; vertical-align: middle;" colspan="4">&#160;</td>
                          <td style="width: 13.32%; vertical-align: middle;" colspan="4">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 40.6%; vertical-align: top; background-color: #CCEEFF; border-bottom: 2px solid black;">
                            <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Suezmaxes</div>
                          </td>
                          <td style="width: 2.18%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 2.18%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 11.16%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 2.19%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 3.09%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 2.19%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 14.54%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 3.03%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 40.6%; vertical-align: top;">
                            <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Marlin Santorini</div>
                          </td>
                          <td style="width: 2.18%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2019</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.18%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">150,000&#160;Dwt</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.19%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 3.09%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">MI</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.19%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 14.54%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 1.07%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2026&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 3.03%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">(9)&#160;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 40.6%; vertical-align: top; background-color: #CCEEFF;">
                            <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Marlin Sicily</div>
                          </td>
                          <td style="width: 2.18%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2019</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.18%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">150,000 Dwt</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.19%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 3.09%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">MI</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.19%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 14.54%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2027&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 3.03%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">(9)&#160;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 40.6%; vertical-align: top;">
                            <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Marlin Shikoku</div>
                          </td>
                          <td style="width: 2.18%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2019</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.18%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">150,000 Dwt</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.19%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 3.09%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">MI</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.19%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 14.54%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 1.07%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2027&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 3.03%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">(9)&#160;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 40.6%; vertical-align: top; background-color: #CCEEFF;">
                            <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">SFL Albany</div>
                          </td>
                          <td style="width: 2.18%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2020</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.18%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">160,000 Dwt</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.19%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 3.09%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">MI</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.19%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 14.54%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2028&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 3.03%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">(9)&#160;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 40.6%; vertical-align: top;">
                            <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">SFL Fraser</div>
                          </td>
                          <td style="width: 2.18%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2020</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.18%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">160,000 Dwt</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.19%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 3.09%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">MI</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.19%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 14.54%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 1.07%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2028&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 3.03%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">(9)&#160;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 40.6%; vertical-align: top; background-color: #CCEEFF;">
                            <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">SFL Ottawa</div>
                          </td>
                          <td style="width: 2.18%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2015</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.18%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">160,000 Dwt</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.19%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 3.09%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">MI</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.19%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 14.54%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2028&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 3.03%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">(9)&#160;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 40.6%; vertical-align: top;">
                            <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">SFL Thelon</div>
                          </td>
                          <td style="width: 2.18%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2015</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.18%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">160,000 Dwt</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.19%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 3.09%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">MI</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.19%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 14.54%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 1.07%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2028&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 3.03%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">(9)&#160;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 40.6%; vertical-align: middle;">&#160;</td>
                          <td style="width: 7.52%; vertical-align: middle;" colspan="4">&#160;</td>
                          <td style="width: 14.41%; vertical-align: middle;" colspan="4">&#160;</td>
                          <td style="width: 6.35%; vertical-align: middle;" colspan="4">&#160;</td>
                          <td style="width: 17.8%; vertical-align: middle;" colspan="4">&#160;</td>
                          <td style="width: 13.32%; vertical-align: middle;" colspan="4">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 40.6%; vertical-align: top; background-color: #CCEEFF; border-bottom: 2px solid black;">
                            <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Capesize Dry Bulk Carriers</div>
                          </td>
                          <td style="width: 2.18%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 2.18%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 11.16%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 2.19%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 3.09%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 2.19%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 14.54%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 3.03%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 40.6%; vertical-align: top;">
                            <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Belgravia</div>
                          </td>
                          <td style="width: 2.18%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2009</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.18%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">170,000 Dwt</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.19%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 3.09%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">MI</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.19%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 14.54%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 1.07%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2025&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 3.03%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">(1)&#160;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 40.6%; vertical-align: top; background-color: #CCEEFF;">
                            <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Battersea</div>
                          </td>
                          <td style="width: 2.18%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2009</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.18%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">170,000 Dwt</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.19%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 3.09%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">MI</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.19%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 14.54%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2025&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 3.03%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">(1)&#160;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 40.6%; vertical-align: top;">
                            <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Golden Magnum</div>
                          </td>
                          <td style="width: 2.18%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2009</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.18%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">180,000 Dwt</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.19%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 3.09%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">HK</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.19%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 14.54%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 1.07%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2025&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 3.03%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">(1)&#160;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
                    </div>
                  </div>
                  <div> <br>
                  </div>
                  <div> <br>
                  </div>
                  <div> </div>
                  <div>
                    <div><br>
                    </div>
                    <br>
                  </div>
                </div>
                <br>
              </div>
            </div>
          </div>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
          </div>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
          </div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">1</font></div>
            <div class="BRPFPageBreak" 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>
            <div style="border: 2px solid #000000; padding: 5px; width: 99%;">
              <div> <br>
              </div>
              <div>
                <div>
                  <div><br>
                  </div>
                </div>
                <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 42.48%; vertical-align: middle;">&#160;</td>
                      <td style="width: 1.7%; vertical-align: bottom;">&#160;</td>
                      <td style="width: 0.53%; vertical-align: middle;">&#160;</td>
                      <td style="width: 4.27%; vertical-align: middle;">&#160;</td>
                      <td style="width: 0.53%; vertical-align: middle;">&#160;</td>
                      <td style="width: 1.7%; vertical-align: bottom;">&#160;</td>
                      <td style="width: 11.16%; vertical-align: middle;">&#160;</td>
                      <td style="width: 1.7%; vertical-align: bottom;">&#160;</td>
                      <td style="width: 3.45%; vertical-align: middle;">&#160;</td>
                      <td style="width: 1.7%; vertical-align: bottom;">&#160;</td>
                      <td style="width: 14.42%; vertical-align: middle;">&#160;</td>
                      <td style="width: 1.07%; vertical-align: bottom;">&#160;</td>
                      <td style="width: 0.92%; vertical-align: middle;">&#160;</td>
                      <td style="width: 8.3%; vertical-align: middle;">&#160;</td>
                      <td style="width: 6.06%; vertical-align: bottom;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;&#160;</div>
                      </td>
                      <td style="width: 18.21%; vertical-align: bottom;" colspan="5">
                        <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Approximate</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;&#160;</div>
                      </td>
                      <td style="width: 3.45%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;&#160;</div>
                      </td>
                      <td style="width: 14.42%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Lease</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;&#160;</div>
                      </td>
                      <td style="width: 9.22%; vertical-align: bottom;" colspan="2">
                        <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Charter<br>
                          Termination</div>
                      </td>
                      <td style="width: 6.06%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td nowrap="nowrap" style="width: 42.48%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Vessel</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;&#160;</div>
                      </td>
                      <td style="width: 4.81%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
                        <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Built</div>
                      </td>
                      <td style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;&#160;</div>
                      </td>
                      <td style="width: 11.16%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Capacity</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;&#160;</div>
                      </td>
                      <td style="width: 3.45%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Flag</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;&#160;</div>
                      </td>
                      <td style="width: 14.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Classification*</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;&#160;</div>
                      </td>
                      <td style="width: 9.22%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
                        <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Date*</div>
                      </td>
                      <td style="width: 6.06%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top; background-color: #CCEEFF;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Golden Beijing</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2010</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">176,000 Dwt</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">HK</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2025&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">(1)&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Golden Future</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2010</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">176,000 Dwt</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">HK</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2025&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">(1)&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top; background-color: #CCEEFF;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Golden Zhejiang</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2010</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">176,000 Dwt</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">HK</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2025&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">(1)&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Golden Zhoushan</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2011</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">176,000 Dwt</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">HK</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2025&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">(1)&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top; background-color: #CCEEFF;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">KSL China</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2013</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">180,000&#160;Dwt</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">MI</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2025&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">(1)&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: middle;">&#160;</td>
                      <td style="width: 7.04%; vertical-align: middle;" colspan="4">&#160;</td>
                      <td style="width: 12.86%; vertical-align: middle;" colspan="2">&#160;</td>
                      <td style="width: 5.15%; vertical-align: middle;" colspan="2">&#160;</td>
                      <td style="width: 16.12%; vertical-align: middle;" colspan="2">&#160;</td>
                      <td style="width: 16.35%; vertical-align: middle;" colspan="4">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top; border-bottom: 2px solid black;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Kamsarmax Dry Bulk Carriers</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td style="width: 0.53%; vertical-align: bottom;">&#160;</td>
                      <td style="width: 4.27%; vertical-align: bottom;">&#160;</td>
                      <td style="width: 0.53%; vertical-align: bottom;">&#160;</td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td style="width: 11.16%; vertical-align: bottom;">&#160;</td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td style="width: 3.45%; vertical-align: bottom;">&#160;</td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td style="width: 14.42%; vertical-align: bottom;">&#160;</td>
                      <td style="width: 1.07%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td style="width: 0.92%; vertical-align: bottom;">&#160;</td>
                      <td style="width: 8.3%; vertical-align: bottom;">&#160;</td>
                      <td style="width: 6.06%; vertical-align: bottom;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top; background-color: #CCEEFF;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">SFL Yangtze (ex Sinochart Beijing)</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2012</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">82,000 Dwt</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">HK</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">n/a</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">n/a&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">(2)&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">SFL Pearl (ex Min Sheng 1)</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2012</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">82,000 Dwt</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">HK</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">n/a</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">n/a&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">(2)&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: middle;">&#160;</td>
                      <td style="width: 7.04%; vertical-align: middle;" colspan="4">&#160;</td>
                      <td style="width: 12.86%; vertical-align: middle;" colspan="2">&#160;</td>
                      <td style="width: 5.15%; vertical-align: middle;" colspan="2">&#160;</td>
                      <td style="width: 16.12%; vertical-align: middle;" colspan="2">&#160;</td>
                      <td style="width: 16.35%; vertical-align: middle;" colspan="4">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top; background-color: #CCEEFF; border-bottom: 2px solid black;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Supramax Dry Bulk Carriers</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                      <td style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                      <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td style="width: 11.16%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td style="width: 3.45%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td style="width: 14.42%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                      <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                      <td style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                      <td style="width: 6.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">SFL Hudson</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2009</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">57,000 Dwt</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">MI</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">n/a</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">n/a&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">(2)&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top; background-color: #CCEEFF;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">SFL Yukon</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2010</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">57,000 Dwt</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">HK</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">n/a</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">n/a&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">(2)&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">SFL Sara</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2011</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">57,000 Dwt</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">HK</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">n/a</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">n/a&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">(2)&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top; background-color: #CCEEFF;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">SFL Kate</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2011</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">57,000 Dwt</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">HK</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">n/a</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">n/a&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">(2)&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">SFL Humber</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2012</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">57,000 Dwt</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">HK</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">n/a</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">n/a&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">(2)&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: middle;">&#160;</td>
                      <td style="width: 7.04%; vertical-align: middle;" colspan="4">&#160;</td>
                      <td style="width: 12.86%; vertical-align: middle;" colspan="2">&#160;</td>
                      <td style="width: 5.15%; vertical-align: middle;" colspan="2">&#160;</td>
                      <td style="width: 16.12%; vertical-align: middle;" colspan="2">&#160;</td>
                      <td style="width: 16.35%; vertical-align: middle;" colspan="4">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top; background-color: #CCEEFF; border-bottom: 2px solid black;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Product Tankers</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                      <td style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                      <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td style="width: 11.16%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td style="width: 3.45%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td style="width: 14.42%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                      <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                      <td style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                      <td style="width: 6.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">SFL Trinity</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2017</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">114,000 Dwt</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">MI</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2024&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top; background-color: #CCEEFF;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">SFL Sabine</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2017</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">114,000 Dwt</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">MI</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2024&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">SFL Puma</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2015</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">115,000 Dwt</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">MI</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2026&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">(9)&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top; background-color: #CCEEFF;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">SFL Tiger</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2015</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">115,000 Dwt</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">MI</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2026&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">(9)&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">SFL Lion</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2014</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">115,000 Dwt</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">MI</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2027&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">(9)&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top; background-color: #CCEEFF;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">SFL Panther</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2015</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">115,000 Dwt</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">MI</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2027&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">(9)&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: middle;">&#160;</td>
                      <td style="width: 7.04%; vertical-align: middle;" colspan="4">&#160;</td>
                      <td style="width: 12.86%; vertical-align: middle;" colspan="2">&#160;</td>
                      <td style="width: 5.15%; vertical-align: middle;" colspan="2">&#160;</td>
                      <td style="width: 16.12%; vertical-align: middle;" colspan="2">&#160;</td>
                      <td style="width: 16.35%; vertical-align: middle;" colspan="4">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top; border-bottom: 2px solid black;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Chemical Tankers</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td style="width: 0.53%; vertical-align: bottom;">&#160;</td>
                      <td style="width: 4.27%; vertical-align: bottom;">&#160;</td>
                      <td style="width: 0.53%; vertical-align: bottom;">&#160;</td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td style="width: 11.16%; vertical-align: bottom;">&#160;</td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td style="width: 3.45%; vertical-align: bottom;">&#160;</td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td style="width: 14.42%; vertical-align: bottom;">&#160;</td>
                      <td style="width: 1.07%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td style="width: 0.92%; vertical-align: bottom;">&#160;</td>
                      <td style="width: 8.3%; vertical-align: bottom;">&#160;</td>
                      <td style="width: 6.06%; vertical-align: bottom;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top; background-color: #CCEEFF;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">SFL Elbe (ex SC Guangzhou)</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2008</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">17,000 Dwt</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">MI</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">n/a</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">n/a&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">(2)&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: middle;">&#160;</td>
                      <td style="width: 7.04%; vertical-align: middle;" colspan="4">&#160;</td>
                      <td style="width: 12.86%; vertical-align: middle;" colspan="2">&#160;</td>
                      <td style="width: 5.15%; vertical-align: middle;" colspan="2">&#160;</td>
                      <td style="width: 16.12%; vertical-align: middle;" colspan="2">&#160;</td>
                      <td style="width: 16.35%; vertical-align: middle;" colspan="4">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top; border-bottom: 2px solid black;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Container Vessels</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td style="width: 0.53%; vertical-align: bottom;">&#160;</td>
                      <td style="width: 4.27%; vertical-align: bottom;">&#160;</td>
                      <td style="width: 0.53%; vertical-align: bottom;">&#160;</td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td style="width: 11.16%; vertical-align: bottom;">&#160;</td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td style="width: 3.45%; vertical-align: bottom;">&#160;</td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td style="width: 14.42%; vertical-align: bottom;">&#160;</td>
                      <td style="width: 1.07%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td style="width: 0.92%; vertical-align: bottom;">&#160;</td>
                      <td style="width: 8.3%; vertical-align: bottom;">&#160;</td>
                      <td style="width: 6.06%; vertical-align: bottom;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top; background-color: #CCEEFF;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">MSC Margarita</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2002</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">5,800 TEU</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">LIB</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">Sales&#160;Type</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2024&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">(1)&#160;(5)&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">MSC Vidhi</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2001</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">5,800 TEU</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">LIB</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">Sales Type</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2024&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">(1)&#160;(5)&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top; background-color: #CCEEFF;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">MSC Vaishnavi R.</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2002</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">4,100 TEU</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">LIB</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">Sales Type</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2025&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">(1)&#160;(7)&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">MSC Julia R.</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2002</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">4,100 TEU</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">LIB</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">Sales Type</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2025&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">(1)&#160;(7)&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top; background-color: #CCEEFF;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">MSC Arushi R.</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2002</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">4,100 TEU</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">LIB</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">Sales Type</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2025&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">(1)&#160;(7)&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">MSC Katya R.</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2002</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">4,100 TEU</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">LIB</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">Sales Type</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2025&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">(1)&#160;(7)&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top; background-color: #CCEEFF;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">MSC Anisha R.</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2002</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">4,100 TEU</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">LIB</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">Sales Type</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2025&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">(1)&#160;(7)&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">MSC Vidisha R.</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2002</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">4,100 TEU</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">LIB</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">Sales Type</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2025&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">(1)&#160;(7)&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top; background-color: #CCEEFF;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">MSC Zlata R.</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2002</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">4,100 TEU</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">LIB</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">Sales Type</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2025&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">(1)&#160;(7)&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Asian Ace</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2005</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">1,700 TEU</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">LIB</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2025&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top; background-color: #CCEEFF;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Green Ace</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2005</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">1,700 TEU</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">LIB</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">n/a</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">n/a&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">(2)&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">San Felipe</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2014</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">8,700 TEU</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">MI</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2024&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top; background-color: #CCEEFF;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">San Felix</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2014</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">8,700 TEU</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">MI</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2024&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">San Fernando</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2015</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">8,700 TEU</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">MI</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2025&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top; background-color: #CCEEFF;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">San Francisca</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2015</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">8,700 TEU</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">MI</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2025&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Maersk Sarat</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2015</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">9,500 TEU</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">LIB</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2024&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top; background-color: #CCEEFF;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Maersk Skarstind</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2016</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">9,500 TEU</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">LIB</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2024&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Maersk Shivling</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2016</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">9,300 TEU</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">LIB</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2024&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top; background-color: #CCEEFF;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Maersk Phuket</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2022</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">2,500 TEU</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">LIB</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2029&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Maersk Pelepas</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2022</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">2,500 TEU</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">LIB</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2029&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top; background-color: #CCEEFF;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">MSC Anna</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2016</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">19,200 TEU</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">LIB</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">Direct&#160;Financing</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2031&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="font-family: 'Times New Roman', serif;">(1)&#160;(3)&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 42.48%; vertical-align: top;">
                        <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">MSC Viviana</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2017</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 11.16%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">19,200 TEU</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 3.45%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">LIB</div>
                      </td>
                      <td style="width: 1.7%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom;">
                        <div style="text-align: center; font-family: 'Times New Roman', serif;">Direct Financing</div>
                      </td>
                      <td style="width: 1.07%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: 'Times New Roman', serif;">2032&#160;</div>
                      </td>
                      <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom;">
                        <div style="font-family: 'Times New Roman', serif;">(1)&#160;(3)&#160;</div>
                      </td>
                    </tr>

                </table>
                <div>
                  <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
                  <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;"> <br>
                  </div>
                  <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;"> <br>
                  </div>
                  <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
                </div>
              </div>
            </div>
            <div style="margin-top: 12pt; margin-bottom: 12pt;"><br>
            </div>
          </div>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;"> <br>
            </div>
          </div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">2</font></div>
            <div class="BRPFPageBreak" 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>
            <div>
              <div style="margin-bottom: 8pt;"><br>
              </div>
              <div>
                <div style="border: 2px solid #000000; padding: 5px; width: 99%;"><br>
                  <div>
                    <div>
                      <div><br>
                      </div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 39.15%; vertical-align: middle;">&#160;</td>
                          <td style="width: 2.41%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 0.53%; vertical-align: middle;">&#160;</td>
                          <td style="width: 4.27%; vertical-align: middle;">&#160;</td>
                          <td style="width: 0.53%; vertical-align: middle;">&#160;</td>
                          <td style="width: 2.41%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 10.57%; vertical-align: middle;">&#160;</td>
                          <td style="width: 2.41%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 4.52%; vertical-align: middle;">&#160;</td>
                          <td style="width: 2.41%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 14.42%; vertical-align: middle;">&#160;</td>
                          <td style="width: 1.07%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 0.92%; vertical-align: middle;">&#160;</td>
                          <td style="width: 8.3%; vertical-align: middle;">&#160;</td>
                          <td style="width: 6.06%; vertical-align: bottom;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 39.15%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;&#160;</div>
                          </td>
                          <td style="width: 18.32%; vertical-align: bottom;" colspan="5">
                            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Approximate</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;&#160;</div>
                          </td>
                          <td style="width: 4.52%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;&#160;</div>
                          </td>
                          <td style="width: 14.42%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Lease</div>
                          </td>
                          <td style="width: 1.07%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;&#160;</div>
                          </td>
                          <td style="width: 9.22%; vertical-align: bottom;" colspan="2">
                            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Charter<br>
                              Termination</div>
                          </td>
                          <td style="width: 6.06%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
                          </td>
                        </tr>
                        <tr>
                          <td nowrap="nowrap" style="width: 39.15%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Vessel</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;&#160;</div>
                          </td>
                          <td style="width: 4.81%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
                            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Built</div>
                          </td>
                          <td style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;&#160;</div>
                          </td>
                          <td style="width: 10.57%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Capacity</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;&#160;</div>
                          </td>
                          <td style="width: 4.52%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Flag</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;&#160;</div>
                          </td>
                          <td style="width: 14.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Classification*</div>
                          </td>
                          <td style="width: 1.07%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;&#160;</div>
                          </td>
                          <td style="width: 9.22%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
                            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Date*</div>
                          </td>
                          <td style="width: 6.06%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 39.15%; vertical-align: top; background-color: #CCEEFF;">
                            <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Thalassa Axia</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2014</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 10.57%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">14,000 TEU</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.52%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">LIB</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                          </td>
                          <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2024&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">(4)&#160;(6)&#160;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 39.15%; vertical-align: top;">
                            <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Thalassa Doxa</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2014</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 10.57%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">14,000 TEU</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.52%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">LIB</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                          </td>
                          <td style="width: 1.07%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2024&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">(4)&#160;(6)&#160;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 39.15%; vertical-align: top; background-color: #CCEEFF;">
                            <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Thalassa Mana</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2014</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 10.57%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">14,000 TEU</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.52%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">LIB</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                          </td>
                          <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2024&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">(4)&#160;(6)&#160;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 39.15%; vertical-align: top;">
                            <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Thalassa Tyhi</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2014</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 10.57%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">14,000 TEU</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.52%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">LIB</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                          </td>
                          <td style="width: 1.07%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2024&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">(4)&#160;(6)&#160;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 39.15%; vertical-align: top; background-color: #CCEEFF;">
                            <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Cap San Vincent</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2015</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 10.57%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">10,600 TEU</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.52%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">MI</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                          </td>
                          <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2024&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">(1)&#160;(4)&#160;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 39.15%; vertical-align: top;">
                            <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Cap San Lazaro</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2015</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 10.57%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">10,600 TEU</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.52%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">MI</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                          </td>
                          <td style="width: 1.07%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2024&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">(1)&#160;(4)&#160;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 39.15%; vertical-align: top; background-color: #CCEEFF;">
                            <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Cap San Juan</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2015</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 10.57%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">10,600 TEU</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.52%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">MI</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                          </td>
                          <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2024&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">(1)&#160;(4)&#160;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 39.15%; vertical-align: top;">
                            <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">MSC Erica</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2016</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 10.57%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">19,400 TEU</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.52%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">LIB</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">Direct Financing</div>
                          </td>
                          <td style="width: 1.07%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2033&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">(1)&#160;(3)&#160;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 39.15%; vertical-align: top; background-color: #CCEEFF;">
                            <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">MSC Reef</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2016</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 10.57%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">19,400 TEU</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.52%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">LIB</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">Direct Financing</div>
                          </td>
                          <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2033&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">(1)&#160;(3)&#160;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 39.15%; vertical-align: top;">
                            <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">SFL Maui</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2013</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 10.57%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">6,800 TEU</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.52%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">LIB</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                          </td>
                          <td style="width: 1.07%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2027&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">(1)&#160;(4)&#160;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 39.15%; vertical-align: top; background-color: #CCEEFF;">
                            <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">SFL Hawaii</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2014</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 10.57%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">6,800 TEU</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.52%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">LIB</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                          </td>
                          <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2027&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">(1)&#160;(4)&#160;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 39.15%; vertical-align: top;">
                            <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Maersk Zambezi</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2020</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 10.57%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">5,300 TEU</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.52%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">MI</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                          </td>
                          <td style="width: 1.07%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2028&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">(1)&#160;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 39.15%; vertical-align: top; background-color: #CCEEFF;">
                            <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Thalassa Patris</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2013</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 10.57%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">14,000 TEU</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.52%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">LIB</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                          </td>
                          <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2023&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">(4)&#160;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 39.15%; vertical-align: top;">
                            <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Thalassa Elpida</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2014</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 10.57%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">14,000 TEU</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.52%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">LIB</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                          </td>
                          <td style="width: 1.07%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2024&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">(4)&#160;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 39.15%; vertical-align: middle;">&#160;</td>
                          <td style="width: 7.76%; vertical-align: middle;" colspan="4">&#160;</td>
                          <td style="width: 12.98%; vertical-align: middle;" colspan="2">&#160;</td>
                          <td style="width: 6.93%; vertical-align: middle;" colspan="2">&#160;</td>
                          <td style="width: 16.84%; vertical-align: middle;" colspan="2">&#160;</td>
                          <td style="width: 16.35%; vertical-align: middle;" colspan="4">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 39.15%; vertical-align: top; background-color: #CCEEFF; border-bottom: 2px solid black;">
                            <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Car Carriers</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td style="width: 10.57%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td style="width: 4.52%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td style="width: 14.42%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 6.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 39.15%; vertical-align: top;">
                            <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">SFL Composer</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2005</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 10.57%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">6,500 CEU</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.52%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">LIB</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                          </td>
                          <td style="width: 1.07%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2023&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">(4)&#160;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 39.15%; vertical-align: top; background-color: #CCEEFF;">
                            <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">SFL Conductor</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2006</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 10.57%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">6,500 CEU</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.52%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">LIB</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                          </td>
                          <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2023&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">(4)&#160;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 39.15%; vertical-align: top;">
                            <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Arabian Sea</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2010</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 10.57%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">4,900 CEU</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.52%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">MI</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">Operating</div>
                          </td>
                          <td style="width: 1.07%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2028&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 39.15%; vertical-align: middle;">&#160;</td>
                          <td style="width: 7.76%; vertical-align: middle;" colspan="4">&#160;</td>
                          <td style="width: 12.98%; vertical-align: middle;" colspan="2">&#160;</td>
                          <td style="width: 6.93%; vertical-align: middle;" colspan="2">&#160;</td>
                          <td style="width: 16.84%; vertical-align: middle;" colspan="2">&#160;</td>
                          <td style="width: 16.35%; vertical-align: middle;" colspan="4">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 39.15%; vertical-align: top; background-color: #CCEEFF; border-bottom: 2px solid black;">
                            <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Jack-Up&#160;Drilling Rig</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td style="width: 10.57%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td style="width: 4.52%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td style="width: 14.42%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 6.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 39.15%; vertical-align: top;">
                            <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Linus (ex West Linus)</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2014</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 10.57%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">450 ft</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.52%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">NOR</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">n/a</div>
                          </td>
                          <td style="width: 1.07%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">n/a&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">(8)&#160;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 39.15%; vertical-align: middle;">&#160;</td>
                          <td style="width: 7.76%; vertical-align: middle;" colspan="4">&#160;</td>
                          <td style="width: 12.98%; vertical-align: middle;" colspan="2">&#160;</td>
                          <td style="width: 6.93%; vertical-align: middle;" colspan="2">&#160;</td>
                          <td style="width: 16.84%; vertical-align: middle;" colspan="2">&#160;</td>
                          <td style="width: 16.35%; vertical-align: middle;" colspan="4">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 39.15%; vertical-align: top; background-color: #CCEEFF; border-bottom: 2px solid black;">
                            <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Ultra-Deepwater Drill Unit</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 4.27%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td style="width: 10.57%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td style="width: 4.52%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 2.41%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td style="width: 14.42%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 8.3%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                          <td style="width: 6.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 39.15%; vertical-align: top;">
                            <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Hercules (ex West Hercules)</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.27%; vertical-align: bottom;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">2008</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.53%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 10.57%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">10,000 ft</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 4.52%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">CYP</div>
                          </td>
                          <td style="width: 2.41%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 14.42%; vertical-align: bottom;">
                            <div style="text-align: center; font-family: 'Times New Roman', serif;">n/a</div>
                          </td>
                          <td style="width: 1.07%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 8.3%; vertical-align: bottom;">
                            <div style="text-align: right; font-family: 'Times New Roman', serif;">n/a&#160;</div>
                          </td>
                          <td nowrap="nowrap" style="width: 6.06%; vertical-align: bottom;">
                            <div style="font-family: 'Times New Roman', serif;">(8)&#160;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 2%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">*</div>
                          </td>
                          <td style="width: 98%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">Lease classifications and charter termination dates are as of December&#160;31, 2022.</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div><br>
                      </div>
                      <div style="margin-top: 12pt; color: #000000; font-family: 'Times New Roman', serif;"><u>Key to Flags</u>: HK &#8211; Hong Kong, LIB &#8211; Liberia, MI &#8211; Marshall Islands, NOR &#8211; Norway, CYP &#8211; Cyprus</div>
                      <div style="margin-top: 12pt; color: #000000; font-family: 'Times New Roman', serif;"><u>Notes:</u></div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">(1)</div>
                          </td>
                          <td style="width: 96%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">Charterer has purchase options or obligations during the term or at the end of the charter.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 4%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">(2)</div>
                          </td>
                          <td style="width: 96%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">Currently employed on a short-term charter or trading in the spot market.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 4%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">(3)</div>
                          </td>
                          <td style="width: 96%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">Vessel&#160;chartered-in&#160;and out on direct financing leases and included in associated companies.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 4%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">(4)</div>
                          </td>
                          <td style="width: 96%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">Vessel&#160;chartered-in&#160;as finance leases and out as operating leases.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 4%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">(5)</div>
                          </td>
                          <td style="width: 96%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">The charters in respect of these vessels were extended in 2019 and the lease classification changed from operating leases to sales type leases.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 4%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">(6)</div>
                          </td>
                          <td style="width: 96%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">The charters in respect of these vessels were extended in 2020. The charters for these four vessels were further amended in 2021 removing the 18 months charterer&#8217;s extension
                              option.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 4%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">(7)</div>
                          </td>
                          <td style="width: 96%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">The charters in respect of these vessels were extended in 2020 and lease classification changed from operating leases to sales type leases.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 4%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">(8)</div>
                          </td>
                          <td style="width: 96%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">Following redelivery from Seadrill in September 2022,&#160;<font style="font-style: italic;">Linus</font>&#160;continued to be employed under its long term drilling contract with
                              ConocoPhillips which expires in the fourth quarter of 2028. The harsh environment semi-submersible drilling rig<font style="font-style: italic;">&#160;Hercules</font>&#160;was employed on a bareboat charter to Seadrill until the end of
                              December 2022, whereupon the rig was redelivered to us.<font style="font-style: italic;">&#160;Hercules</font>&#160;is expected to commence a new drilling contract with ExxonMobil Canada Ltd. in the second quarter of 2023, after
                              completing its special periodic survey, for a duration of approximately 135 days.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 4%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">(9)</div>
                          </td>
                          <td style="width: 96%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">Charterer has the right to trigger a sale to a third party, at any time after the first year, with net proceeds over an agreed sum to be shared between the charterer and SFL,
                              with profit split on a previously agreed upon basis of calculation.</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;"> <br>
                      </div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;"> <br>
                      </div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
                    </div>
                  </div>
                </div>
                <div style="margin-top: 12pt; margin-bottom: 12pt;"><br>
                </div>
              </div>
            </div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;"> <br>
            </div>
          </div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">3</font></div>
            <div class="BRPFPageBreak" 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>
            <div><br>
            </div>
            <div style="margin-top: 12pt; margin-bottom: 12pt;">
              <div style="margin-bottom: 8pt;"><br>
              </div>
              <div>
                <div style="border: 2px solid #000000; padding: 5px; width: 99%;">
                  <div> <br>
                  </div>
                  <div>
                    <div>
                      <div><br>
                      </div>
                    </div>
                    <div>
                      <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">In addition to the above fleet of vessels and rigs, we also have four newbuilding dual-fuel 7,000 CEU car carriers designed
                        to use liquefied natural gas (&#8220;LNG&#8221;) under construction and with deliveries expected to take place in 2023 and 2024.</div>
                    </div>
                    <div>
                      <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">Substantially, all of our owned vessels and rigs as of December&#160;31, 2022 are pledged under mortgages, excluding two 1,700
                        TEU container vessels, two 2,500 TEU container vessels, one car carrier and two chemical tankers.</div>
                      <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">Other than our interests in the vessels and drilling units described above, we do not own any material physical properties.
                        We lease office space in Oslo from Seatankers Management Norway AS, in Singapore from Frontline Shipping Singapore Pte Ltd, and in London from Frontline Corporate Services Ltd, all related parties.</div>
                    </div>
                    <div>
                      <div style="margin-top: 18pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Recent and Other Developments</div>
                    </div>
                    <div>
                      <div><br>
                      </div>
                      <div style="text-indent: 24.5pt; margin-top: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Vessel Sales</div>
                      <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">On March&#160;31, 2023, we announced that we agreed to sell the two 2008-built chemical tankers,<font style="font-style: italic;">&#160;SFL Weser</font>&#160;and<font style="font-style: italic;">&#160;SFL Elbe</font>,&#160;to an unrelated third party. The sales proceeds to SFL are approximately $19.5&#160;million for the debt free vessels. Both vessels have been employed in
                        the spot market the last two years.&#160;<font style="font-style: italic;">SFL Weser&#160;</font>was delivered in April 2023 and&#160;<font style="font-style: italic;">SFL Elbe</font>&#160;is expected to be delivered in the second quarter of 2023. A
                        book impairment of approximately $7&#160;million is expected to be recorded in the first quarter of 2023 relating to the sales.</div>
                    </div>
                    <div>
                      <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">The 2009-built Suezmax tanker<font style="font-style: italic;">&#160;Glorycrown</font>, which was announced sold in February
                        2023, was delivered to its new owner in March 2023. The final sales price of approximately $43.5&#160;million is higher than previously disclosed, and a book gain of approximately $9&#160;million is expected to be recorded in the first
                        quarter of 2023 relating to the sale.</div>
                      <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">On April&#160;21, 2023, we announced that we sold and delivered the 2010-built Suezmax tanker,&#160;<font style="font-style: italic;">Everbright</font>,
                        to an unrelated third party. The net sale proceeds to SFL are approximately $41.1&#160;million, and the vessel was debt free at the end of the first quarter of 2023. A book gain of approximately $6.4&#160;million is expected to be recorded in
                        the second quarter of 2023 as a result of the sale.</div>
                    </div>
                    <div>
                      <div style="margin-top: 18pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Corporate Information</div>
                    </div>
                    <div>
                      <div><br>
                      </div>
                      <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">We are SFL Corporation Ltd. a company incorporated under the laws of Bermuda on October&#160;10, 2003, as a Bermuda exempted
                        company under the Companies Act (Company No.&#160;EC-34296).&#160;We are engaged primarily in the ownership and operation of vessels and offshore related assets, and also involved in the charter, purchase and sale of assets.&#160;We operate
                        through our vessel owning and other subsidiaries incorporated in Bermuda, Cyprus, Liberia, Norway, Singapore, the United Kingdom and the Marshall Islands. Our registered and principal executive offices are located
                        at&#160;Par-la-Ville&#160;Place, 14&#160;Par-la-Ville&#160;Road, Hamilton, HM 08, Bermuda, and our telephone number is +1 (441)&#160;295-9500.&#160;We&#160;maintain an internet site at&#160;https://www.sflcorp.com/. The information contained at our internet site is not
                        incorporated by reference into this prospectus, and you should not consider it a part of this prospectus.</div>
                    </div>
                    <div>
                      <div><br>
                      </div>
                      <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">The information above concerning us is only a summary and does not purport to be comprehensive or complete. For additional
                        information about us, you should refer to the information described in &#8220;Where You Can Find Additional Information&#8221; in this prospectus.</div>
                    </div>
                  </div>
                  <div> <br>
                  </div>
                </div>
                <div style="margin-top: 12pt; margin-bottom: 12pt;"><br>
                </div>
              </div>
            </div>
          </div>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
          </div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">4</font></div>
            <div class="BRPFPageBreak" 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>
            <div>
              <div style="margin-bottom: 8pt;"><br>
              </div>
              <div>
                <div style="border: 2px solid #000000; padding: 5px; width: 99%;">
                  <div> <br>
                  </div>
                  <div>
                    <div>
                      <div><br>
                      </div>
                    </div>
                    <div>
                      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</div>
                    </div>
                    <div>
                      <div><br>
                      </div>
                      <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">Matters discussed in this prospectus, any prospectus supplement and the documents incorporated by reference may constitute
                        forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their
                        business. Forward-looking statements include, but are not limited to, statements concerning plans, objectives, goals, strategies, future events or performance, underlying assumptions and other statements, which are other than
                        statements of historical facts.</div>
                      <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">We desire to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are
                        including this cautionary statement pursuant to this safe harbor legislation. This prospectus, and any prospectus supplement, and any other written or oral statements made by us or on our behalf may include forward-looking
                        statements, which reflect our current views with respect to future events and financial performance and are not intended to give any assurance as to future results. When used in this prospectus, and any prospectus supplement, the
                        words &#8220;believe,&#8221; &#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;estimate,&#8221; &#8220;forecast,&#8221; &#8220;project,&#8221; &#8220;plan,&#8221; &#8220;potential,&#8221; &#8220;will,&#8221; &#8220;may,&#8221; &#8220;should,&#8221; &#8220;expect,&#8221; &#8220;targets,&#8221; &#8220;likely,&#8221; &#8220;would,&#8221; &#8220;could&#8221; &#8220;seeks,&#8221; &#8220;continue,&#8221; &#8220;possible,&#8221; &#8220;might,&#8221; &#8220;pending&#8221; and
                        similar expressions, terms or phrases may identify forward-looking statements.</div>
                      <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">The forward-looking statements herein are based upon various assumptions, many of which are based, in turn, upon further
                        assumptions, including, without limitation, management&#8217;s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were
                        reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve
                        or accomplish these expectations, beliefs or projections.</div>
                      <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">Such statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and
                        assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated,
                        expected or intended. We are making investors aware that such forward-looking statements, because they relate to future events, are by their very nature subject to many important factors that could cause actual results to differ
                        materially from those contemplated. In addition to these important factors and matters discussed elsewhere herein, important factors that, in our view, could cause actual results to differ materially from those discussed in the
                        forward-looking statements include, but are not limited to:</div>
                    </div>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">the strength of the world economics and currencies;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">the central bank policies intended to combat overall inflation and rising interest rates and foreign exchange rates;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">the Company&#8217;s ability to generate cash to service its indebtedness;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">the Company&#8217;s ability to continue to satisfy its financial and other covenants, or obtain waivers relating to such covenants from its lenders under its credit facilities;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">the availability of financing and refinancing, as well as the Company&#8217;s ability to obtain such financing or refinancing in the future to fund capital expenditures, acquisitions
                              and other general corporate activities and the Company&#8217;s ability to comply with the restrictions and other covenants in its financing arrangements;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">the Company&#8217;s counterparties&#8217; ability or willingness to honor their obligations under agreements with it;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">general market conditions in the seaborne transportation industry, which is cyclical and volatile, including fluctuations in charter hire rates and vessel values;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;"> <br>
                      </div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;"> <br>
                      </div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;"> <br>
                      </div>
                    </div>
                  </div>
                </div>
                <div style="margin-top: 12pt; margin-bottom: 12pt;"><br>
                </div>
                <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;"> <br>
                </div>
              </div>
            </div>
          </div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">5</font></div>
            <div class="BRPFPageBreak" 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>
            <div>
              <div style="margin-bottom: 8pt;"><br>
              </div>
              <div>
                <div style="border: 2px solid #000000; padding: 5px; width: 99%;">
                  <div> <br>
                  </div>
                  <div>
                    <div>
                      <div><br>
                      </div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">prolonged or significant downturns in the tanker,&#160;dry-bulk&#160;carrier, container and/or offshore drilling charter markets;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">the volatility of oil and gas prices, which effects, among other things, several sectors of the maritime, shipping and offshore industries, including oil transportation, dry
                              bulk shipments, oil products transportation, car transportation and drilling rigs;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">a decrease in the value of the charter-free market values of the Company&#8217;s vessels and drilling units;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">an oversupply of vessels, including drilling units, which could lead to reductions in charter hire rates and profitability;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">any inability to retain and recruit qualified key executives, key employees, key consultants or skilled workers;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">the potential difference in interests between or among certain of the Company&#8217;s directors, officers, key executives and shareholders, including Hemen Holding Limited, or Hemen,
                              our largest shareholder;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">the risks associated with the purchase of second-hand vessels;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">the aging of the Company&#8217;s fleet which could result in increased operating costs, impairment or loss of hire;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">the adequacy of insurance coverage for inherent operational risks, and the Company&#8217;s ability to obtain indemnities from customers, changes in laws, treaties or regulations;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">changes in supply and generally the number, size and form of providers of goods and services in the markets in which the Company operates;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">the supply of and demand for oil and oil products and vessels, including drilling rigs, comparable to ours, including against the background of the possibility of accelerated
                              climate change transition worldwide, including shifts in consumer demand for other energy resources could have an accelerated negative effect on the demand for oil and thus its transportation and drilling;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">changes in market demand in countries which import commodities and finished goods and changes in the amount and location of the production of those commodities and finished
                              goods and resulting changes to trade patterns;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">delays or defaults by the shipyards in the construction of our newbuildings;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">technological innovation in the sectors in which we operate and quality and efficiency requirements from customers;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">technology risk associated with energy transition and fleet/systems rejuvenation to alternative propulsions;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">governmental laws and regulations, including environmental regulations, that add to our costs or the costs of our customers;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">potential liability from safety, environmental, governmental and other requirements and potential significant additional expenditures related to complying with such
                              regulations;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">the impact of increasing scrutiny and changing expectations from investors, lenders, charterers and other market participants with respect to our Environmental, Social and
                              Governance practices;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">increased inspection procedures and more restrictive import and export controls;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">the imposition of sanctions by the Office of Foreign Assets Control of the Department of the U.S. Treasury or pursuant to other applicable laws or regulations imposed by the
                              U.S. government, the EU, the United Nations or other governments against the Company or any of its subsidiaries;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;"> <br>
                      </div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
                    </div>
                  </div>
                  <div> <br>
                  </div>
                </div>
                <div style="margin-top: 12pt; margin-bottom: 12pt;"><br>
                </div>
              </div>
            </div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;"> <br>
            </div>
          </div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">6</font></div>
            <div class="BRPFPageBreak" 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>
            <div>
              <div style="margin-bottom: 8pt;"><br>
              </div>
              <div>
                <div style="border: 2px solid #000000; padding: 5px; width: 99%;">
                  <div> <br>
                  </div>
                  <div>
                    <div>
                      <div><br>
                      </div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">compliance with governmental, tax, environmental and safety regulation, any&#160;non-compliance&#160;with the U.S. Foreign Corrupt Practices Act of 1977 or other applicable regulations
                              relating to bribery;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">changes in the Company&#8217;s operating expenses, including bunker prices, drydocking and insurance costs;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">fluctuations in currencies and interest rates and the impact of the discontinuance of the London Interbank Offered Rate for US Dollars, or LIBOR, after June&#160;30, 2023 on any of
                              our debt referencing LIBOR in the interest rate;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">the volatility of prevailing spot market charter rates, which effects the amount of profit sharing payment the Company receives under charters with Golden Ocean Group Limited
                              and other charters;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">the volatility of the price of the Company&#8217;s common shares;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">changes in the Company&#8217;s dividend policy;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">the future sale of the Company&#8217;s common shares or conversion of the Company&#8217;s convertible notes;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">the failure to protect the Company&#8217;s information systems against security breaches, or the failure or unavailability of these systems for a significant period of time;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">the entrance into transactions that expose the Company to additional risk outside of its core business;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">difficulty managing planned growth properly;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">the Company&#8217;s incorporation under the laws of Bermuda and the different rights to relief that may be available compared to other countries, including the United States;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">shareholders&#8217; reliance on the Company to enforce the Company&#8217;s rights against contract counterparties;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">dependence on the ability of the Company&#8217;s subsidiaries to distribute funds to satisfy financial obligations and make dividend payments;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">the potential for shareholders to not be able to bring a suit against the Company or enforce a judgement obtained against the Company in the United States;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">treatment of the Company as a &#8220;passive foreign investment company&#8221; by U.S. tax authorities;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">being required to pay taxes on U.S. source income;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">the Company&#8217;s operations being subject to economic substance requirements;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">the exercise of a purchase option by the charterer of a vessel or drilling unit;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">potential liability from future litigation, including litigation related to claims raised by public-interest organizations or activism with regard to failure to adapt or
                              mitigate climate impact;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">increased cost of capital or limiting access to funding due to EU Taxonomy or relevant territorial taxonomy regulations;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">the length and severity of the ongoing coronavirus outbreak&#160;(&#8220;COVID-19&#8221;)&#160;and governmental responses thereto and the impact on the demand for commercial seaborne transportation
                              and the condition to the financial markets and any noncompliance with the amendments by the International Maritime Organization (&#8220;IMO&#8221;), the United Nations agency for maritime safety and the prevention of pollution by vessels,
                              (the amendments hereinafter referred to as IMO 2020), to Annex VI to the International Convention for the Prevention of Pollution from Ships, 1973, as modified by the Protocol of 1978 relating thereto, collectively referred to
                              as MARPOL 73/78 and herein as MARPOL, which will reduce the maximum amount of sulfur that vessels may emit into the air and has applied to us since January&#160;1, 2020;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;"> <br>
                      </div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;"> <br>
                      </div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
                    </div>
                  </div>
                </div>
                <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;"> <br>
                </div>
                <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;"> <br>
                </div>
              </div>
            </div>
          </div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">7</font></div>
            <div class="BRPFPageBreak" 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>
            <div>
              <div style="margin-bottom: 8pt;"><br>
              </div>
              <div>
                <div style="border: 2px solid #000000; padding: 5px; width: 99%;">
                  <div> <br>
                  </div>
                  <div>
                    <div>
                      <div>
                        <div>
                          <div><br>
                          </div>
                        </div>
                      </div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">the arresting or attachment of one or more of the Company&#8217;s vessels or rigs by maritime claimants;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">damage to storage, receiving and other shipping inventories&#8217; facilities;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">impacts of supply chain disruptions that began during the&#160;COVID-19&#160;pandemic and the resulting inflationary environment;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">potential requisition of the Company&#8217;s vessels or rigs by a government during a period of war or emergency;</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">world events, political instability, international sanctions or international hostilities, including the ongoing conflict between Russia and Ukraine and potential physical
                              disruption of shipping routes as a result thereof; and</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
                    </div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 4.99%; vertical-align: middle;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 3%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                          </td>
                          <td style="width: 1%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                          </td>
                          <td style="width: 91%; vertical-align: top;">
                            <div style="font-family: 'Times New Roman', serif;">other important factors described from time to time in the reports filed by the Company with the Commission, including the Annual Report on Form&#160;20-F&#160;filed on March&#160;16, 2023.</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div><br>
                      </div>
                      <div style="text-indent: 24.5pt; margin-top: 12pt; color: #000000; font-family: 'Times New Roman', serif;">This prospectus, and any prospectus supplement, may contain assumptions, expectations, projections, intentions and beliefs
                        about future events. These statements are intended as forward-looking statements. We may also from time to time make forward-looking statements in other documents and reports that are filed with or submitted to the Commission, in
                        other information sent to our security holders, and in other written materials. We also caution that assumptions, expectations, projections, intentions and beliefs about future events may and often do vary from actual results and
                        the differences can be material. We undertake no obligation to publicly update or revise any forward-looking statement contained in this prospectus, and any prospectus supplement, whether as a result of new information, future
                        events or otherwise, except as required by law.</div>
                    </div>
                    <div>
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
                    </div>
                  </div>
                  <div> <br>
                  </div>
                </div>
                <div style="margin-top: 12pt; margin-bottom: 12pt;"><br>
                </div>
                <br>
              </div>
            </div>
          </div>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
          </div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">8</font></div>
            <div class="BRPFPageBreak" 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>
          <br>
          <div>
            <div><br>
            </div>
          </div>
          <div>
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">RISK FACTORS</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="text-indent: 24.5pt; margin-top: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">An investment in our securities involves a high degree of risk.&#160;You should carefully consider the risks and the
              discussion of risks under the heading &#8220;Risk Factors&#8221; in any applicable prospectus supplement hereto or in our Annual Report on Form&#160;20-F&#160;for the year ended December&#160;31, 2022, filed with the Commission on March&#160;16, 2023, and the documents we
              have incorporated by reference in this prospectus, including the section entitled &#8220;Risk Factors&#8221; in future annual reports that summarize the risks that may materially affect our business before making an investment in our securities. Please
              see the section in this prospectus entitled &#8220;Where You Can Find Additional Information.&#8221;</div>
          </div>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
          </div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">9</font></div>
            <div class="BRPFPageBreak" 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>
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">USE OF PROCEEDS</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="text-indent: 24.5pt; margin-top: 12pt; color: #000000; font-family: 'Times New Roman', serif;">We intend to use net proceeds from the sale of the securities as set forth in the applicable prospectus supplement, which may include
              general corporate purposes, asset purchases, debt repayment and strategic transactions.</div>
          </div>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
          </div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">10</font></div>
            <div class="BRPFPageBreak" 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>
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">CAPITALIZATION</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="text-indent: 24.5pt; margin-top: 12pt; color: #000000; font-family: 'Times New Roman', serif;">A prospectus supplement or report on Form&#160;6-K&#160;incorporated by reference into the registration statement of which this prospectus is a
              part will include information relating to our capitalization.</div>
          </div>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
          </div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">11</font></div>
            <div class="BRPFPageBreak" 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>
          <br>
          <div>
            <div><br>
            </div>
          </div>
          <div>
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">ENFORCEABILITY OF CIVIL LIABILITIES</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">There is no treaty in force between the United States and Bermuda providing for the reciprocal recognition and enforcement of
              judgments in civil and commercial matters. As a result, whether a United States judgment would be enforceable in Bermuda against us or our directors and officers depends on whether the U.S. court that entered the judgment is recognized by the
              Bermuda court as having jurisdiction over us or our directors and officers, as determined by reference to Bermuda conflict of law rules. A judgment debt from a U.S. court that is final and for a sum certain based on U.S. federal securities
              laws will not be enforceable in Bermuda unless the judgment debtor had submitted to the jurisdiction of the U.S. court. The issue of submission and jurisdiction is a matter of Bermuda (not U.S.) law.</div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">In addition, and irrespective of jurisdictional issues, the Bermuda courts will not enforce a U.S. federal securities law that is
              either penal or contrary to the public policy of Bermuda. An action brought pursuant to a public or penal law, the purpose of which is the enforcement of a sanction, power or right at the instance of the state in its sovereign capacity, may
              not be entertained by a Bermuda court to the extent it is contrary to Bermuda public policy. Certain remedies available under the laws of U.S. jurisdictions, including certain remedies under U.S. federal securities laws, may not be available
              under Bermuda law or enforceable in a Bermuda court, to the extent they are contrary to Bermuda public policy. Further, no claim may be brought in Bermuda against us or our directors and officers in the first instance for violations of U.S.
              federal securities laws because these laws have no extraterritorial jurisdiction under Bermuda law and do not have force of law in Bermuda. A Bermuda court may, however, impose civil liability on us or our directors and officers if the facts
              alleged in a complaint constitute or give rise to a cause of action under Bermuda law.</div>
          </div>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
          </div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">12</font></div>
            <div class="BRPFPageBreak" 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><br>
          </div>
          <div>
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">DESCRIPTION OF SHARE CAPITAL</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">The following is a summary of the description of our share capital and the material terms of our amended Memorandum of Association
              and&#160;Bye-laws.&#160;Because the following is a summary, it does not contain all of the information that you may find useful. For more complete information, you should read the description of share capital and the material terms of our amended
              Memorandum of Association and&#160;Bye-laws&#160;contained in our Annual Report on Form&#160;20-F&#160;for the year ended December&#160;31, 2022, filed with the Commission on March&#160;16, 2023, as updated by annual, quarterly and other reports and documents we file with
              the Commission after the date of this prospectus supplement and that are incorporated by reference herein, together with our amended Memorandum of Association and&#160;Bye-laws,&#160;copies of which have been filed as exhibits thereto. Please see the
              section of this prospectus supplement entitled &#8220;Where You Can Find Additional Information.&#8221;</div>
          </div>
          <div>
            <div style="margin-top: 18pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Purpose</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">The Memorandum of Association of the Company was previously filed on May&#160;21, 2004 as Exhibit 3.1 to its Registration Statement on
              Form&#160;F-4&#160;(File&#160;No.&#160;333-115705)&#160;and is incorporated by reference herein.</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">The purposes and powers of the Company are set forth in Items 6(1) and 7(a) through (h)&#160;of its Memorandum of Association and in the
              Second Schedule of the Companies Act of 1981 of Bermuda.&#160;These purposes include exploring, drilling, moving, transporting and refining petroleum and hydro-carbon products, including oil and oil products; acquiring, owning, chartering,
              selling, managing and operating ships and aircraft; the entering into of any guarantee, contract, indemnity or suretyship to assure, support, secure, with or without the consideration or benefit, the performance of any obligations of any
              person or persons; and the borrowing and raising of money in any currency or currencies to secure or discharge any debt or obligation in any manner.</div>
          </div>
          <div>
            <div style="margin-top: 18pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">The Company&#8217;s&#160;Bye-laws</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">At the 2007 Annual General Meeting of the Company, the shareholders voted to amend the Company&#8217;s&#160;Bye-laws&#160;to ensure conformity with
              recent revisions to the Companies Act 1981 of Bermuda, as amended. These amended&#160;Bye-laws&#160;of the Company, as adopted by the Company&#8217;s shareholders on September&#160;28, 2007, and as further amended on September&#160;20, 2013, September&#160;23, 2016 and
              September&#160;30, 2022 are hereby incorporated by reference into this prospectus.</div>
          </div>
          <div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">Bermuda law permits the&#160;Bye-laws&#160;of a Bermuda company to contain provisions exempting (except in relation to an allegation of fraud
              or dishonesty proved against them) from personal liability a director, alternate director, officer, member of a committee authorized under&#160;Bye-law&#160;98, resident representative or their respective heirs, executors or administrators to the
              company from any loss arising or liability attaching to him by virtue of any rule of law in respect of any negligence, default, breach of duty or breach of trust of which the officer or person may be guilty in relation to the company or any
              subsidiary thereof.&#160;Bermuda law also grants companies the power generally to indemnify directors, alternate directors and officers of the company and any members authorized under&#160;Bye-law&#160;98, resident representatives or their respective heirs,
              executors or administrators if any such person was or is a party or threatened to be made a party to a threatened, pending or completed action, suit or proceeding by reason of the fact that he or she is or was a director, alternate director
              or officer of the company or member of a committee authorized under&#160;Bye-law&#160;98, resident representative or their respective heirs, executors or administrators or was serving in a similar capacity for another entity at the company&#8217;s request.</div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">The Company&#8217;s shareholders have no&#160;pre-emptive,&#160;subscription, redemption, conversion or sinking fund rights. Shareholders are
              entitled to one vote for each share held of record on all matters submitted to a vote of the Company&#8217;s shareholders. Shareholders have no cumulative voting rights. Shareholders are entitled to dividends if and when they are declared by the
              Company&#8217;s Board of Directors, subject to any preferred dividend right of holders of any preference shares. Directors to be elected by shareholders require a simple majority of votes cast at a meeting at which a quorum is present. For all
              other matters, unless a different majority is required by law or the Company&#8217;s Bye-laws, resolutions to be approved by shareholders require approval by a simple majority of votes cast at a meeting at which a quorum is present.</div>
          </div>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
          </div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">13</font></div>
            <div class="BRPFPageBreak" 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>
            <div><br>
            </div>
            <div><br>
            </div>
          </div>
          <div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">Upon the Company&#8217;s liquidation, dissolution or winding up, shareholders will be entitled under Bermuda law to receive, ratably, its
              net assets available after the payment of all its debts and liabilities and any preference amount owed to any preference shareholders. The rights of shareholders, including the right to elect directors, are subject to the rights of any series
              of preference shares the Company may issue in the future.</div>
          </div>
          <div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">Under the Company&#8217;s&#160;Bye-laws,&#160;annual meetings of shareholders will be held at a time and place selected by its Board of Directors
              each calendar year, but in no event shall any such meeting be held in Norway or the United Kingdom. Special meetings of shareholders may be called by its Board of Directors at any time and, pursuant to Bermuda law, special meetings must be
              called at the request of shareholders holding at least 10% of the Company&#8217;s&#160;paid-up&#160;share capital carrying the right to vote at general meetings. Under the Company&#8217;s&#160;Bye-laws,&#160;five days&#8217; notice of an annual meeting or any special meeting must
              be given to each shareholder entitled to vote at that meeting. Under Bermuda law, accidental failure to give notice will not invalidate proceedings at a meeting. The Company&#8217;s Board of Directors may set a record date at any time before or
              after any date on which such notice is dispatched.</div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">Special rights attaching to any class of the Company&#8217;s shares may be altered or abrogated with the consent in writing of not less
              than 75% of the issued shares of that class or with the sanction of a resolution passed at a separate general meeting of the holders of such shares voting in person or by proxy.</div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">The Company&#8217;s&#160;Bye-laws&#160;do not prohibit a director from being a party to, or otherwise having an interest in, any transaction or
              arrangement with the Company or in which the Company is otherwise interested.&#160;The Company&#8217;s&#160;Bye-laws&#160;provide its Board of Directors the authority to exercise all of the powers of the Company to borrow money and to mortgage or charge all or
              any part of the Company&#8217;s property and assets as collateral security for any debt, liability or obligation.&#160;The Company&#8217;s directors are not required to retire because of their age, and the Company&#8217;s directors are not required to be holders of
              the Company&#8217;s common shares.&#160;The Company&#8217;s Board of Directors shall at all times comprise a majority of directors who are not resident in the United Kingdom. Directors serve for&#160;one-year&#160;terms, and shall serve until&#160;re-elected&#160;or until their
              successors are appointed at the next annual general meeting.</div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">The Company&#8217;s&#160;Bye-laws&#160;provide that no director, alternate director, officer, person or member of a committee authorized
              under&#160;Bye-law&#160;98, if any, resident representative, or his heirs, executors or administrators, which the Company refers to collectively as an indemnitee, is liable for the acts, receipts, neglects or defaults of any other such person or any
              person involved in the Company&#8217;s formation, or for any loss or expense incurred by the Company through the insufficiency or deficiency of title to any property acquired by the Company, or for the insufficiency or deficiency of any security in
              or upon which any of the Company&#8217;s monies shall be invested, or for any loss or damage arising from the bankruptcy, insolvency or tortious act of any person with whom any monies, securities or effects shall be deposited, or for any loss
              occasioned by any error of judgment, omission, default or oversight on his part, or for any other loss, damage or misfortune whatsoever which shall happen in relation to the execution of his duties, or supposed duties, to the Company or
              otherwise in relation thereto.&#160;Each indemnitee will be indemnified and held harmless out of the Company&#8217;s funds to the fullest extent permitted by Bermuda law against all liabilities, loss, damage or expense (including but not limited to
              liabilities under contract, tort and statute or any applicable foreign law or regulation and all reasonable legal and other costs and expenses properly payable) incurred or suffered by him as such director, alternate director, officer,
              committee member or resident representative in his reasonable belief that he has been so appointed or elected notwithstanding any defect in such appointment or election.&#160;In addition, each indemnitee shall be indemnified against all
              liabilities incurred in defending any proceedings, whether civil or criminal, in which judgment is given in such indemnitee&#8217;s favor, or in which he is acquitted.&#160;The Company is authorized to purchase insurance to cover any liability an
              indemnitee may incur under the indemnification provisions of the Company&#8217;s&#160;Bye-laws.</div>
          </div>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
          </div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">14</font></div>
            <div class="BRPFPageBreak" 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>
            <div><br>
            </div>
            <div><br>
            </div>
          </div>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Authorized Capitalization</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">Under the Company&#8217;s amended Memorandum of Association, the Company&#8217;s authorized capital consists of $2,000,000, comprising
              200,000,000 common shares, which may include related purchase rights for the Company&#8217;s common or preferred shares, having a par value of $0.01 each, of which 138,562,173 common shares are issued and outstanding as of the date of this
              prospectus.</div>
          </div>
          <div>
            <div style="margin-top: 18pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Reconciliation of the Number of Common Shares Outstanding through April&#160;28, 2023</div>
          </div>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
          </div>
          <table cellspacing="0" cellpadding="0" id="zf6b25ef5d8714f9f8ddf866ffae64d23" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 81.38%; vertical-align: middle;">&#160;</td>
                <td style="width: 2.91%; vertical-align: bottom;">&#160;</td>
                <td style="width: 15.71%; vertical-align: middle;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 81.38%; vertical-align: top; background-color: #CCEEFF;">
                  <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Common shares outstanding at December&#160;31, 2019</div>
                </td>
                <td style="width: 2.91%; vertical-align: bottom; background-color: #CCEEFF;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                </td>
                <td nowrap="nowrap" style="width: 15.71%; vertical-align: bottom; background-color: #CCEEFF;">
                  <div style="font-family: 'Times New Roman', serif;">119,391,310</div>
                </td>
              </tr>
              <tr>
                <td style="width: 81.38%; vertical-align: top;">
                  <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Number of common shares issued in connection with the 2020 DRIP and 2020 ATM Program</div>
                </td>
                <td style="width: 2.91%; vertical-align: bottom;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                </td>
                <td nowrap="nowrap" style="width: 15.71%; vertical-align: bottom;">
                  <div style="font-family: 'Times New Roman', serif;">8,418,754</div>
                </td>
              </tr>
              <tr>
                <td style="width: 81.38%; vertical-align: top; background-color: #CCEEFF;">
                  <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Common shares outstanding at December&#160;31, 2020</div>
                </td>
                <td style="width: 2.91%; vertical-align: bottom; background-color: #CCEEFF;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                </td>
                <td nowrap="nowrap" style="width: 15.71%; vertical-align: bottom; background-color: #CCEEFF;">
                  <div style="font-family: 'Times New Roman', serif;">127,810,064</div>
                </td>
              </tr>
              <tr>
                <td style="width: 81.38%; vertical-align: top;">
                  <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Number of common shares issued in connection with the 2020 DRIP and 2020 ATM Program</div>
                </td>
                <td style="width: 2.91%; vertical-align: bottom;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                </td>
                <td nowrap="nowrap" style="width: 15.71%; vertical-align: bottom;">
                  <div style="font-family: 'Times New Roman', serif;">10,741,323</div>
                </td>
              </tr>
              <tr>
                <td style="width: 81.38%; vertical-align: top; background-color: #CCEEFF;">
                  <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Common shares outstanding at December&#160;31, 2021</div>
                </td>
                <td style="width: 2.91%; vertical-align: bottom; background-color: #CCEEFF;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                </td>
                <td nowrap="nowrap" style="width: 15.71%; vertical-align: bottom; background-color: #CCEEFF;">
                  <div style="font-family: 'Times New Roman', serif;">138,551,387</div>
                </td>
              </tr>
              <tr>
                <td style="width: 81.38%; vertical-align: top;">
                  <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Number of common shares issued in connection with the Share Option Scheme</div>
                </td>
                <td style="width: 2.91%; vertical-align: bottom;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                </td>
                <td nowrap="nowrap" style="width: 15.71%; vertical-align: bottom;">
                  <div style="font-family: 'Times New Roman', serif;">10,786</div>
                </td>
              </tr>
              <tr>
                <td style="width: 81.38%; vertical-align: top; background-color: #CCEEFF;">
                  <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Common shares outstanding at December&#160;31, 2022</div>
                </td>
                <td style="width: 2.91%; vertical-align: bottom; background-color: #CCEEFF;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                </td>
                <td nowrap="nowrap" style="width: 15.71%; vertical-align: bottom; background-color: #CCEEFF;">
                  <div style="font-family: 'Times New Roman', serif;">138,562,173</div>
                </td>
              </tr>
              <tr>
                <td style="width: 81.38%; vertical-align: top;">
                  <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Common shares outstanding at April&#160;28, 2023</div>
                </td>
                <td style="width: 2.91%; vertical-align: bottom;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;&#160;</div>
                </td>
                <td nowrap="nowrap" style="width: 15.71%; vertical-align: bottom;">
                  <div style="font-family: 'Times New Roman', serif;">138,562,173</div>
                </td>
              </tr>

          </table>
          <div>
            <div><br>
            </div>
            <div style="margin-top: 18pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;"><u>2020 DRIP and 2020 ATM Program</u></div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">In April 2020, the Board of Directors authorized a renewal of our dividend reinvestment plan (the &#8220;2020 DRIP&#8221;) to facilitate
              investments by individual and institutional shareholders who wish to invest dividend payments received on shares owned, or other cash amounts, in the Company&#8217;s common shares on a regular or one time basis, or otherwise. On May&#160;1, 2020, the
              Company filed a registration statement on Form&#160;F-3D&#160;(File&#160;No.&#160;333-237970)&#160;to register the sale of up to 10,000,000 common shares pursuant to the DRIP. If certain waiver provisions in the DRIP are requested and granted pursuant to the terms of
              the plan, we may grant additional share sales to investors, from time to time, up to the amount registered under the plan.</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">In May 2020, we entered into an equity distribution agreement with BTIG LLC (&#8220;BTIG&#8221;) under which the Company may, from time to time,
              offer and sell new common shares up to $100.0&#160;million through an&#160;at-the-market&#160;offering program (the &#8220;2020 ATM Program&#8221;). We had sold 11,388,275 of our common shares for an aggregate sales price of $91,252,246 under the 2020 ATM Program.</div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">In the years ended December&#160;31, 2020 and 2021, we issued 8,418,754 common shares and 10,741,323 common shares, respectively, pursuant
              to the 2020 DRIP under a separate registration statement&#160;(File&#160;No.&#160;333-237970)&#160;and 2020 ATM Program under a separate registration statement (File&#160;No.&#160;333-237971).</div>
          </div>
          <div>
            <div style="margin-top: 18pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;"><u>2022 DRIP and 2022 ATM Program</u></div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">On April&#160;12, 2022, the Board of Directors authorized a renewal of our dividend reinvestment plan (the &#8220;2022 DRIP&#8221;) to facilitate
              investments by individual and institutional shareholders who wish to invest dividend payments received on shares owned, or other cash amounts, in the Company&#8217;s common shares on a regular or one time basis, or otherwise. On April&#160;15, 2022, the
              Company filed a registration statement on Form&#160;F-3D&#160;(File&#160;No.&#160;333-264330)&#160;to register the sale of up to 10,000,000 common shares pursuant to the DRIP. If certain waiver provisions in the DRIP are requested and granted pursuant to the terms of
              the plan, we may grant additional share sales to investors, from time to time, up to the amount registered under the plan. No common shares have been sold under the 2022 DRIP.</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">On April&#160;15, 2022, we entered into an amended and restated equity distribution agreement with BTIG under which the Company may, from
              time to time, offer and sell new common shares up to $100.0&#160;million through an&#160;at-the-market&#160;offering program (the &#8220;2022 ATM Program&#8221;). No common shares have been sold under the 2022 ATM Program.</div>
          </div>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
          </div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">15</font></div>
            <div class="BRPFPageBreak" 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>
            <div><br>
            </div>
            <div><br>
            </div>
          </div>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;"><u>Share Option Scheme</u></div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">In September 2022, we issued a total of 10,786 new common shares pursuant to our share option scheme (the &#8220;Share Option Scheme&#8221;)
              following the exercise of 85,500 share options.&#160;The weighted average exercise price of the options exercised was $8.87 per share and the&#160;total intrinsic value of the options exercised was $0.1&#160;million.</div>
          </div>
          <div>
            <div style="margin-top: 18pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Common Shares</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">Each outstanding common share entitles the holder to one vote on all matters submitted to a vote of shareholders. Subject to
              preferences that may be applicable to any outstanding preferred shares, holders of common shares are entitled to receive, ratably, all dividends, if any, declared by our Board of Directors out of funds legally available for dividends. Upon
              our dissolution or liquidation or the sale of all or substantially all of our assets, after payment in full of all amounts required to be paid to creditors and to the holders of preferred shares having liquidation preferences, if any, the
              holders of our common shares will be entitled to receive pro rata our remaining assets available for distribution. Holders of common shares do not have conversion, redemption or preemptive rights to subscribe to any of our securities. The
              rights, preferences and privileges of holders of common shares are subject to the rights of the holders of any preferred shares which we may issue in the future.</div>
          </div>
          <div>
            <div style="margin-top: 18pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Preferred Shares</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">The material terms of any series of preferred shares that we may offer through a prospectus supplement will be described in that
              prospectus supplement. Our Board of Directors is authorized, subject to shareholder approval, to provide for the issuance of preferred shares in one or more series with designations as may be stated in the shareholder resolution or
              resolutions providing for the issue of such preferred shares. At the time that any series of our preferred shares is authorized, we will fix the dividend rights, any conversion rights, any voting rights, redemption provisions, liquidation
              preferences and any other rights, preferences, privileges and restrictions of that series, as well as the number of shares constituting that series and their designation. We could issue preferred shares which have voting, conversion and other
              rights that could adversely affect the holders of our common shares or make it more difficult to effect a change in control. Our preferred shares could be used to dilute the share ownership of persons seeking to obtain control of us and
              thereby hinder a possible takeover attempt which, if our shareholders were offered a premium over the market value of their shares, might be viewed as being beneficial to our shareholders.</div>
          </div>
          <div>
            <div style="margin-top: 18pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Registrar and Transfer Agent</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">The registrar and transfer agent for our common shares is Computershare Trust Company, N.A.</div>
          </div>
          <font style="font-weight: bold;">Listing</font>
          <div> </div>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">Our common shares are listed on the NYSE under the symbol &#8220;SFL.&#8221;</div>
          </div>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
          </div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">16</font></div>
            <div class="BRPFPageBreak" 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>
            <div><br>
            </div>
          </div>
          <div>
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">DESCRIPTION OF DEBT SECURITIES</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">We may offer and issue debt securities from time to time in one or more series, under one or more indentures, each dated as of a date
              on or prior to the issuance of the debt securities to which it relates, and pursuant to an applicable prospectus supplement.&#160;We may issue senior debt securities and subordinated debt securities pursuant to separate indentures, a senior
              indenture and a subordinated indenture, respectively, in each case between us and the trustee named in the indenture.&#160;These indentures will be filed either as exhibits to an amendment to the registration statement of which this prospectus
              forms a part or as an exhibit to a report under the Exchange Act, that will be incorporated by reference into the registration statement of which this prospectus forms a part or a prospectus supplement. We refer to any applicable prospectus
              supplement, amendment to the registration statement and/or Exchange Act report as &#8220;subsequent filings&#8221;. The senior indenture and the subordinated indenture, as amended or supplemented from time to time, are each referred to individually as an
              &#8220;indenture&#8221; and collectively as the &#8220;indentures.&#8221; Each indenture will be subject to and governed by the Trust Indenture Act of 1939, as amended, and will be construed in accordance with and governed by the laws of the State of New York
              (without giving effect to any principles thereof relating to conflicts of law that would result in the application of the laws of any other jurisdiction) unless otherwise stated in the applicable prospectus supplement and indenture (or
              post-effective amendment hereto).&#160;The aggregate principal amount of debt securities which may be issued under each indenture will contain the specific terms of any series of debt securities or provide that those terms must be set forth in or
              determined pursuant to, an authorizing resolution, as defined in the applicable prospectus supplement, and/or a supplemental indenture, if any, relating to such series.&#160;Our debt securities may be convertible or exchangeable into any of our
              equity or other debt securities.</div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">The following description sets forth certain general terms and provisions of the debt securities. The particular terms and provisions
              of the debt securities offered by any prospectus supplement, and the extent to which the general terms and provisions described below may apply to the offered debt securities, will be described in the applicable subsequent filings.&#160;The
              statements below are not complete and are subject to, and are qualified in their entirety by reference to, all of the provisions of the applicable indenture. The specific terms of any debt securities that we may offer, including any
              modifications of, or additions to, the general terms described below as well as any applicable material U.S. federal income tax considerations concerning the ownership of such debt securities will be described in the applicable prospectus
              supplement and indenture and, as applicable, supplemental indenture. Accordingly, for a complete description of the terms of a particular issue of debt securities, the general description of the debt securities set forth below should be read
              in conjunction with the applicable prospectus supplement and indenture, as amended or supplemented from time to time.</div>
          </div>
          <div>
            <div style="margin-top: 18pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">General</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">We expect that neither indenture will limit the amount of debt securities which may be issued.&#160;The debt securities may be issued in
              one or more series.</div>
          </div>
          <div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">You should read the applicable indenture and subsequent filings relating to the particular series of debt securities for the
              following terms of the offered debt securities:</div>
          </div>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
          </div>
          <table cellspacing="0" cellpadding="0" id="zec0a68bcb6c34af2bcd8fd1335cefa16" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">the designation, aggregate principal amount and authorized denominations;</div>
                </td>
              </tr>

          </table>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
          </div>
          <table cellspacing="0" cellpadding="0" id="z9a960fc3b77a4659b9214b1e27b07e66" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">the issue price, expressed as a percentage of the aggregate principal amount;</div>
                </td>
              </tr>

          </table>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
          </div>
          <table cellspacing="0" cellpadding="0" id="z413f19ae15d740b88d64c79503bd7391" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">the maturity date;</div>
                </td>
              </tr>

          </table>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
          </div>
          <table cellspacing="0" cellpadding="0" id="z94a4b3f857d24fcab0b1b7719ca7d0c2" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">the interest rate per annum, if any;</div>
                </td>
              </tr>

          </table>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
          </div>
          <table cellspacing="0" cellpadding="0" id="zb1c880683b4a4864a279b88393b1ef3d" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">if the debt securities provide for interest payments, the date from which interest will accrue, the dates on which interest will be payable, the date on which payment of interest will
                    commence and the regular record dates for interest payment dates;</div>
                </td>
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                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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                  <div style="font-family: 'Times New Roman', serif;">any optional or mandatory sinking fund provisions or exchangeability provisions;</div>
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          <div>
            <div><br>
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                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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                <td style="width: 91%; vertical-align: top;">
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              <tr>
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                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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                <td style="width: 3%; vertical-align: top;">
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                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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                <td style="width: 91%; vertical-align: top;">
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            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
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                  <div style="font-family: 'Times New Roman', serif;">whether the debt securities will be our secured or unsecured obligations;</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
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                <td style="width: 3%; vertical-align: top;">
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                <td style="width: 1%; vertical-align: top;">
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                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
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                <td style="width: 1%; vertical-align: top;">
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                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">the date, if any, after which and the price or prices at which the debt securities may be optionally redeemed or must be mandatorily redeemed and any other terms and provisions of
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                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
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                <td style="width: 1%; vertical-align: top;">
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                  <div style="font-family: 'Times New Roman', serif;">if other than denominations of $2,000 and any integral multiple thereof, the denominations in which the debt securities of the series will be issuable;</div>
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                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
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                <td style="width: 1%; vertical-align: top;">
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            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
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              <tr>
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                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
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                </td>
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                </td>
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          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
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          <table cellspacing="0" cellpadding="0" id="zb5bce70b64fb423fa553bb41cfedc809" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
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                  <div style="font-family: 'Times New Roman', serif;">the currency or currencies, including composite currencies, in which principal, premium and interest will be payable, if other than the currency of the United States of America;</div>
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              </tr>

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          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
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              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
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                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
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                  <div style="font-family: 'Times New Roman', serif;">if principal, premium or interest is payable, at our election or at the election of any holder, in a currency other than that in which the debt securities of the series are stated to be
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                <td style="width: 4.99%; vertical-align: middle;">
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                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
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                <td style="width: 1%; vertical-align: top;">
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                  <div style="font-family: 'Times New Roman', serif;">whether interest will be payable in cash or additional securities at our or the holder&#8217;s option and the terms and conditions upon which the election may be made;</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
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              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
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                <td style="width: 1%; vertical-align: top;">
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                  <div style="font-family: 'Times New Roman', serif;">if denominated in a currency or currencies other than the currency of the United States of America, the equivalent price in the currency of the United States of America for purposes of
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            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
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              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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                  <div style="font-family: 'Times New Roman', serif;">if the amount of payments of principal, premium or interest may be determined with reference to an index, formula or other method based on a coin or currency other than that in which the
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                </td>
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          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
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              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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                  <div style="font-family: 'Times New Roman', serif;">any restrictive covenants or other material terms relating to the debt securities;</div>
                </td>
              </tr>

          </table>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
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          <table cellspacing="0" cellpadding="0" id="z9346e7e712624147ba3ea95b882d625f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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                  <div style="font-family: 'Times New Roman', serif;">whether the debt securities will be issued in the form of global securities or certificates in registered form;</div>
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          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
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              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">any listing on any securities exchange or quotation system;</div>
                </td>
              </tr>

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          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
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          <table cellspacing="0" cellpadding="0" id="zb733476865804a2a894538c7554e0915" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">additional provisions, if any, related to defeasance and discharge of the debt securities; and</div>
                </td>
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          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
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              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
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                  <div style="font-family: 'Times New Roman', serif;">any other special features of the debt securities.</div>
                </td>
              </tr>

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            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">Subsequent filings may include additional terms not listed above.&#160;Unless otherwise indicated in subsequent filings with the
              Commission relating to the indenture, principal, premium and interest will be payable and the debt securities will be transferable at the corporate trust office of the applicable trustee.&#160;Unless other arrangements are made or set forth in
              subsequent filings or a supplemental indenture, principal, premium and interest will be paid by checks mailed to the registered holders at their registered addresses.</div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">Unless otherwise indicated in subsequent filings with the Commission, the debt securities will be issued only in fully registered
              form without coupons, in minimum denominations of $2,000 or any integral multiple thereof.&#160;No service charge will be made for any transfer or exchange of the debt securities, but we may require payment of a sum sufficient to cover any tax or
              other governmental charge payable in connection with these debt securities.</div>
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          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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          <div style="margin-bottom: 8pt;"><br>
          </div>
          <div>
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            </div>
            <div><br>
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            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">Some or all of the debt securities may be issued as discounted debt securities, bearing no interest or interest at a rate which at
              the time of issuance is below market rates, to be sold at a substantial discount below the stated principal amount.&#160;United States federal income tax consequences and other special considerations applicable to any discounted securities will be
              described in subsequent filings with the Commission relating to those securities.</div>
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            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">We refer you to the applicable subsequent filings for the particular terms and provisions of the debt securities offered by any
              prospectus supplement.</div>
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            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">We may issue senior debt securities, which may be secured or unsecured, under the senior debt indenture. The senior debt securities
              will rank on an equal basis with all our other senior debt except subordinated debt.&#160;The senior debt securities will be effectively subordinated, however, to all of our secured debt to the extent of the value of the collateral securing such
              debt. We will disclose the amount of our debt in the prospectus supplement.</div>
          </div>
          <div>
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          </div>
          <div>
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                <td style="width: 3%; vertical-align: top;">
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                <td style="width: 1%; vertical-align: top;">
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                  <div style="font-family: 'Times New Roman', serif;">our ability to make certain payments, dividends, redemptions or repurchases;</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
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                <td style="width: 3%; vertical-align: top;">
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                <td style="width: 1%; vertical-align: top;">
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                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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                <td style="width: 3%; vertical-align: top;">
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                <td style="width: 1%; vertical-align: top;">
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            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
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                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
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                <td style="width: 1%; vertical-align: top;">
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            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
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                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
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                <td style="width: 1%; vertical-align: top;">
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            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
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                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
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                <td style="width: 1%; vertical-align: top;">
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            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
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                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
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                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
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                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
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                <td style="width: 1%; vertical-align: top;">
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            <div style="margin-top: 18pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Modification of the Indentures</div>
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            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">We expect that each indenture and the rights of the respective holders may be modified by us only with the consent of holders of not
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                  <div style="font-family: 'Times New Roman', serif;">changes the amount of securities whose holders must consent to an amendment, supplement or waiver;</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
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                  <div style="font-family: 'Times New Roman', serif;">reduces the rate of or changes the interest payment time on any security or alters its redemption provisions (other than any alteration to any such section which would not materially
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            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
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                </td>
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                  <div style="font-family: 'Times New Roman', serif;">reduces the principal or changes the maturity of any security or reduces the amount of, or postpones the date fixed for, the payment of any sinking fund or analogous obligation;</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</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;">waives a default or event of default in the payment of the principal of or interest, if any, on any security (except a rescission of acceleration of the securities of any series by the
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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;">makes the principal of or interest, if any, on any security payable in any currency other than that stated in the security;</div>
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                  <div style="font-family: 'Times New Roman', serif;">makes any change with respect to holders&#8217; rights to receive principal and interest, the terms pursuant to which defaults can be waived, certain modifications affecting shareholders or
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              <tr>
                <td style="width: 4%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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                <td style="width: 5%; vertical-align: top;">
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                  <div style="font-family: 'Times New Roman', serif;">waives a redemption payment with respect to any security or changes any of the provisions with respect to the redemption of any securities; will be effective against any holder without
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            <div style="text-indent: 24.5pt; margin-top: 6pt; color: #000000; font-family: 'Times New Roman', serif;">We expect that each indenture will define an event of default for the debt securities of any series as being any one of the following
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                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
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                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">default in any payment of interest when due which continues for 30 days;</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
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              <tr>
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                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
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                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">default in any payment of principal or premium at maturity;</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
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              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
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                </td>
                <td style="width: 1%; vertical-align: top;">
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                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">default in the deposit of any sinking fund payment when due;</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
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              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
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                <td style="width: 1%; vertical-align: top;">
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                  <div style="font-family: 'Times New Roman', serif;">default in the performance of any covenant in the debt securities or the applicable indenture which continues for 60 days after we receive notice of the default;</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
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              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
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                  <div style="font-family: 'Times New Roman', serif;">default under a bond, debenture, note or other evidence of indebtedness for borrowed money by us or our subsidiaries (to the extent we are directly responsible or liable therefor) having
                    a principal amount in excess of a minimum amount set forth in the applicable subsequent filings, whether such indebtedness now exists or is hereafter created, which default shall have resulted in such indebtedness becoming or being
                    declared due and payable prior to the date on which it would otherwise have become due and payable, without such acceleration having been rescinded, annulled or cured within 30 days after we receive notice of the default; and</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
          </div>
          <table cellspacing="0" cellpadding="0" id="za24983ff6e93482ea9a096aeaedbc900" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">events of bankruptcy, insolvency or reorganization.</div>
                </td>
              </tr>

          </table>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">An event of default of one series of debt securities will not necessarily constitute an event of default with respect to any other
              series of debt securities.</div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">There may be such other or different events of default as described in an applicable subsequent filing with respect to any class or
              series of debt securities.</div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">We expect that under each indenture, in case an event of default occurs and continues for the debt securities of any series, the
              applicable trustee or the holders of not less than 25% in aggregate principal amount of the debt securities then outstanding of that series may declare the principal and accrued but unpaid interest of the debt securities of that series to be
              due and payable.&#160;Further, any event of default for the debt securities of any series which has been cured is expected to be permitted to be waived by the holders of a majority in aggregate principal amount of the debt securities of that
              series then outstanding.</div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">We expect that each indenture will require us to file annually, after debt securities are issued under that indenture with the
              applicable trustee, a written statement signed by two of our officers as to the absence of</div>
          </div>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
          </div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">20</font></div>
            <div class="BRPFPageBreak" 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>
            <div><br>
            </div>
            <div><br>
            </div>
          </div>
          <div>
            <div style="margin-top: 0px; margin-bottom: 12pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">material defaults under the terms of that indenture.&#160;We also expect that each indenture will provide that the applicable trustee may
              withhold notice to the holders of any default if it considers it in the interest of the holders to do so, except notice of a default in payment of principal, premium or interest.</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">Subject to the duties of the trustee in case an event of default occurs and continues, we expect that each indenture will provide
              that the trustee is under no obligation to exercise any of its rights or powers under that indenture at the request, order or direction of holders unless the holders have offered to the trustee indemnity and security reasonably satisfactory
              to it.&#160;Subject to these provisions for indemnification and the rights of the trustee, each indenture is expected to provide that the holders of a majority in principal amount of the debt securities of any series then outstanding have the
              right to direct the time, method and place of conducting any proceeding for any remedy available to the trustee or exercising any trust or power conferred on the trustee as long as the exercise of that right does not conflict with any law or
              the indenture.</div>
          </div>
          <div>
            <div style="margin-top: 18pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Defeasance and Discharge</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">The terms of each indenture are expected to provide us with the option to be discharged from any and all obligations in respect of
              the debt securities issued thereunder upon the deposit with the trustee, in trust, of money or U.S. government obligations, or both, which through the payment of interest and principal in accordance with their terms will provide money in an
              amount sufficient to pay any installment of principal, premium and interest on, and any mandatory sinking fund payments in respect of, the debt securities on the stated maturity of the payments in accordance with the terms of the debt
              securities and the indenture governing the debt securities.&#160;We expect that this right may only be exercised if, among other things, we have received from, or there has been published by, the United States Internal Revenue Service a ruling to
              the effect that such a discharge will not be deemed, or result in, a taxable event with respect to holders.&#160;This discharge would not apply to our obligations to register the transfer or exchange of debt securities, to replace stolen, lost or
              mutilated debt securities, to maintain paying agencies and hold moneys for payment in trust.</div>
          </div>
          <div>
            <div style="margin-top: 18pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Defeasance of Certain Covenants</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">We expect that the terms of each indenture will provide us with the right to omit complying with specified covenants and specified
              events of default described in a subsequent filing upon the deposit with the trustee, in trust, of money or U.S. government obligations, or both, which through the payment of interest and principal will provide money in an amount sufficient
              to pay any installment of principal, premium, and interest on, and any mandatory sinking fund payments in respect of, the debt securities on the stated maturity of the payments in accordance with the terms of the debt securities and the
              indenture governing the debt securities.</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">We expect that to exercise this right we will also be required to deliver to the trustee an opinion of counsel to the effect that we
              have received from, or there has been published by, the United States Internal Revenue Service a ruling to the effect that the deposit and related covenant defeasance will not cause the holders of such series to recognize income, gain or loss
              for United States federal income tax purposes.</div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">A subsequent filing may further describe the provisions, if any, of any particular series of offered debt securities permitting a
              discharge defeasance.</div>
          </div>
          <div>
            <div style="margin-top: 18pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Form of Debt Securities</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">Each debt security will be represented either by a certificate issued in definitive form to a particular investor or by one or more
              global securities representing the entire issuance of securities. Both certificated securities in definitive form and global securities may be issued either in registered form, where our obligation runs to the holder of the security named on
              the face of the security, or in bearer form, where our obligation runs to the bearer of the security.</div>
          </div>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
          </div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">21</font></div>
            <div class="BRPFPageBreak" 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>
            <div><br>
            </div>
            <div><br>
            </div>
          </div>
          <div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">Definitive securities name you or your nominee as the owner of the security, other than definitive bearer securities, which name the
              bearer as owner, and in order to transfer or exchange these securities or to receive payments other than interest or other interim payments, you or your nominee must physically deliver the securities to the trustee, registrar, paying agent or
              other agent, as applicable.</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">Global securities name a depositary or its nominee as the owner of the debt securities represented by these global securities, other
              than global bearer securities, which name the bearer as owner. The depositary maintains a computerized system that will reflect each investor&#8217;s beneficial ownership of the securities through an account maintained by the investor with its
              broker/dealer, bank, trust company or other representative, as we explain more fully below.</div>
          </div>
          <div>
            <div style="margin-top: 18pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Global Securities</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">We may issue the debt securities in the form of one or more fully registered global securities that will be deposited with a
              depositary or its nominee identified in the applicable prospectus supplement and registered in the name of that depositary or nominee. In those cases, one or more registered global securities will be issued in a denomination or aggregate
              denominations equal to the portion of the aggregate principal or face amount of the securities to be represented by registered global securities. Unless and until it is exchanged in whole for securities in definitive registered form, a
              registered global security may not be transferred except as a whole by and among the depositary for the registered global security, the nominees of the depositary or any successors of the depositary or those nominees. If not described below,
              any specific terms of the depositary arrangement with respect to any debt securities to be represented by a registered global security will be described in the prospectus supplement relating to those debt securities. We anticipate that the
              following provisions will apply to all depositary arrangements:</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">Ownership of beneficial interests in a registered global security will be limited to persons, called participants, that have accounts
              with the depositary or persons that may hold interests through participants. Upon the issuance of a registered global security, the depositary will credit, on its book-entry registration and transfer system, the participants&#8217; accounts with
              the respective principal or face amounts of the securities beneficially owned by the participants. Any dealers, underwriters or selling agents participating in the distribution of the securities will designate the accounts to be credited.
              Ownership of beneficial interests in a registered global security will be shown on, and the transfer of ownership interests will be effected only through, records maintained by the depositary, with respect to interests of participants, and on
              the records of participants, with respect to interests of persons holding through participants. The laws of some jurisdictions may require that some purchasers of securities take physical delivery of these securities in definitive form. These
              laws may impair your ability to own, transfer or pledge beneficial interests in registered global securities. So long as the depositary, or its nominee, is the registered owner of a registered global security, that depositary or its nominee,
              as the case may be, will be considered the sole owner or holder of the securities represented by the registered global security for all purposes under the indenture.</div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">Except as described below, owners of beneficial interests in a registered global security will not be entitled to have the securities
              represented by the registered global security registered in their names, will not receive or be entitled to receive physical delivery of the securities in definitive form and will not be considered the owners or holders of the securities
              under the indenture. Accordingly, each person owning a beneficial interest in a registered global security must rely on the procedures of the depositary for that registered global security and, if that person is not a participant, on the
              procedures of the participant through which the person owns its interest in that registered global security, to exercise any rights of a holder under the indenture. We understand that under existing industry practices, if we request any
              action of holders of a registered global security or if an owner of a beneficial interest in a registered global security desires to give or take any action that a holder is entitled to give or take under the indenture, the depositary for the
              registered global security would authorize the participants holding the relevant beneficial interests to give or take that action, and the participants would authorize beneficial</div>
          </div>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
          </div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">22</font></div>
            <div class="BRPFPageBreak" 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>
            <div><br>
            </div>
            <div><br>
            </div>
          </div>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif;">owners owning through them to give or take that action or would otherwise act upon the instructions of beneficial owners holding through them.</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">Principal, premium, if any, and interest payments on debt securities represented by a registered global security registered in the
              name of a depositary or its nominee will be made to the depositary or its nominee, as the case may be, as the registered owner of the registered global security. None of us, the trustee or any other agent of us or agent of the trustee will
              have any responsibility or liability&#160;to owners of beneficial interests&#160;for any aspect of the records relating to payments made on account of beneficial ownership interests in the registered global security or for maintaining, supervising or
              reviewing any records relating to those beneficial ownership interests. We expect that the depositary for any of the securities represented by a registered global security, upon receipt of any payment of principal, premium, interest or other
              distribution of underlying securities or other property to holders on that registered global security, will immediately credit participants&#8217; accounts in amounts proportionate to their respective beneficial interests in that registered global
              security as shown on the records of the depositary. We also expect that payments by participants to owners of beneficial interests in a registered global security held through participants will be governed by standing customer instructions
              and customary practices, as is now the case with the securities held for the accounts of customers in bearer form or registered in &#8220;street name,&#8221; and will be the responsibility of those participants.</div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">We expect that the indenture will provide that if the depositary for any of these securities represented by a registered global
              security is at any time unwilling or unable to continue as depositary or ceases to be a clearing agency registered under the Exchange Act, and a successor depositary registered as a clearing agency under the Exchange Act is not appointed by
              us within 90 days, we will be required to issue securities in definitive form in exchange for the registered global security that had been held by the depositary. In addition, the indenture is expected to allow us to decide, at any time and
              in our sole discretion, to not have any of the securities represented by one or more registered global securities. If we make that decision, we will issue securities in definitive form in exchange for all of the registered global security or
              securities representing those securities. Any securities issued in definitive form in exchange for a registered global security will be registered in the name or names that the depositary gives to the relevant trustee or other relevant agent
              of ours or theirs. It is expected that the depositary&#8217;s instructions will be based upon directions received by the depositary from participants with respect to ownership of beneficial interests in the registered global security that had been
              held by the depositary.</div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">In the event that the Depository Trust Company, or DTC, acts as depository for the global securities of any series, the global
              securities will be issued as fully registered securities registered in the name of Cede&#160;&amp; Co., as DTC&#8217;s nominee.</div>
          </div>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
          </div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">23</font></div>
            <div class="BRPFPageBreak" 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>
            <div><br>
            </div>
          </div>
          <div>
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">DESCRIPTION OF WARRANTS</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">We may issue warrants to purchase our debt or equity securities or securities of third parties or other rights, including rights to
              receive payment in cash or securities based on the value, rate or price of one or more specified currencies, securities or indices, or any combination of the foregoing. Warrants may be issued independently or together with any other
              securities and may be attached to, or separate from, such securities. Each series of warrants will be issued under a separate warrant agreement to be entered into between the Company and a warrant agent. The terms of any warrants to be issued
              and a description of the material provisions of the applicable warrant agreement will be set forth in the applicable prospectus supplement.</div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">The applicable prospectus supplement will describe the following terms of any warrants in respect of which this prospectus is being
              delivered:</div>
          </div>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
          </div>
          <table cellspacing="0" cellpadding="0" id="ze8db54d24907465abfb7115686fade49" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">the title of such warrants;</div>
                </td>
              </tr>

          </table>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
          </div>
          <table cellspacing="0" cellpadding="0" id="z0edb348d261c4813bb977f806f9e5225" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">the aggregate number of such warrants;</div>
                </td>
              </tr>

          </table>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
          </div>
          <table cellspacing="0" cellpadding="0" id="z17cb338e97cf4863b161fb9e59b51358" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">the price or prices at which such warrants will be issued;</div>
                </td>
              </tr>

          </table>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
          </div>
          <table cellspacing="0" cellpadding="0" id="za84874bf7934400d8672955f02be7f1c" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">the currency or currencies in which the price of such warrants will be payable;</div>
                </td>
              </tr>

          </table>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
          </div>
          <table cellspacing="0" cellpadding="0" id="z41743a5db3c84eb5a0ee53da49a131b2" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">the securities or other rights, including rights to receive payment in cash or securities based on the value, rate or price of one or more specified currencies, securities or indices, or
                    any combination of the foregoing, purchasable upon exercise of such warrants;</div>
                </td>
              </tr>

          </table>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
          </div>
          <table cellspacing="0" cellpadding="0" id="zb3ccc1e9e89f486294c005b0b7d77b35" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">the price at which, and the currency or currencies in which, the securities or other rights purchasable upon exercise of such warrants may be purchased;</div>
                </td>
              </tr>

          </table>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
          </div>
          <table cellspacing="0" cellpadding="0" id="z69ea8014e5394c2587af393b4389449d" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">the date on which the right to exercise such warrants shall commence and the date on which such right shall expire;</div>
                </td>
              </tr>

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          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
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              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">if applicable, the minimum or maximum amount of such warrants which may be exercised at any one time;</div>
                </td>
              </tr>

          </table>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
          </div>
          <table cellspacing="0" cellpadding="0" id="z9c0b102092ca405e82fa1407609059bd" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">if applicable, the designation and terms of the securities with which such warrants are issued and the number of such warrants issued with each such security;</div>
                </td>
              </tr>

          </table>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
          </div>
          <table cellspacing="0" cellpadding="0" id="za8bf4926359748aebd4b400caeef2c27" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">if applicable, the date on and after which such warrants and the related securities will be separately transferable;</div>
                </td>
              </tr>

          </table>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
          </div>
          <table cellspacing="0" cellpadding="0" id="z1bc041e9f214425ea5693cf1e66e6427" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">information with respect to book-entry procedures, if any;</div>
                </td>
              </tr>

          </table>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
          </div>
          <table cellspacing="0" cellpadding="0" id="z3fe253f8bf7c4b60b7da68f0d5ecfb6f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">if applicable, a discussion of any material U.S. federal income tax considerations; and</div>
                </td>
              </tr>

          </table>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
          </div>
          <table cellspacing="0" cellpadding="0" id="z2cc7c2680fa64814b6dad234be8e2009" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">any other terms of such warrants, including terms, procedures and limitations relating to the exchange and exercise of such warrants.</div>
                </td>
              </tr>

          </table>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
          </div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">24</font></div>
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          <div style="margin-bottom: 8pt;"><br>
          </div>
          <div><br>
          </div>
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            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">DESCRIPTION OF PURCHASE CONTRACTS</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="text-indent: 24.5pt; margin-top: 12pt; color: #000000; font-family: 'Times New Roman', serif;">We may issue purchase contracts for the purchase or sale of:</div>
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          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
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          <table cellspacing="0" cellpadding="0" id="zc0732c30dfc54a6db41a7a7e75d7876b" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">debt or equity securities issued by us, a basket of such securities, an index or indices of such securities, or any combination of the above, as specified in the applicable prospectus
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              </tr>

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          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
          </div>
          <table cellspacing="0" cellpadding="0" id="z1ed581c933f448248e845ce1807da51a" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">currencies.</div>
                </td>
              </tr>

          </table>
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            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">Each purchase contract will entitle the holder thereof to purchase or sell, and obligate us to sell or purchase, on specified dates,
              such securities or currencies at a specified purchase price, which may be based on a formula, all as set forth in the applicable prospectus supplement. We may, however, satisfy our obligations, if any, with respect to any purchase contract by
              delivering the cash value of such purchase contract or the cash value of the property otherwise deliverable or, in the case of purchase contracts on underlying currencies, by delivering the underlying currencies, as set forth in the
              applicable prospectus supplement. The applicable prospectus supplement will also specify the methods by which the holders may purchase or sell such securities or currencies and any acceleration, cancellation or termination provisions,
              provisions relating to U.S. federal income tax considerations, if any, or other provisions relating to the settlement of a purchase contract.</div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">The purchase contracts may require us to make periodic payments to the holders thereof or vice versa, which payments may be deferred
              to the extent set forth in the applicable prospectus supplement, and those payments may be unsecured or&#160;pre-funded&#160;on some basis. The purchase contracts may require the holders thereof to secure their obligations in a specified manner to be
              described in the applicable prospectus supplement. Alternatively, purchase contracts may require holders to satisfy their obligations thereunder when the purchase contracts are issued. Our obligation to settle such&#160;pre-paid&#160;purchase contracts
              on the relevant settlement date may constitute indebtedness. Accordingly,&#160;pre-paid&#160;purchase contracts will be issued under either a senior indenture or subordinated indenture.</div>
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          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
          </div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">25</font></div>
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          <br>
          <div>
            <div><br>
            </div>
          </div>
          <div>
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">DESCRIPTION OF RIGHTS</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">We may issue rights to purchase our equity securities. These rights may be issued independently or together with any other security
              offered by this prospectus and may or may not be transferable by the shareholder receiving the rights in the rights offering. In connection with any rights offering, we may enter into a standby underwriting agreement with one or more
              underwriters pursuant to which the underwriter will purchase any securities that remain unsubscribed for upon completion of the rights offering.</div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">The applicable prospectus supplement relating to any rights will describe the terms of the offered rights, including, where
              applicable, the following:</div>
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          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
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          <table cellspacing="0" cellpadding="0" id="zd6baf01743f542ab98246c0587fafb8e" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">the exercise price for the rights;</div>
                </td>
              </tr>

          </table>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
          </div>
          <table cellspacing="0" cellpadding="0" id="zb131a009fee445c8919bc3e8fed23e89" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">the number of rights issued to each shareholder;</div>
                </td>
              </tr>

          </table>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
          </div>
          <table cellspacing="0" cellpadding="0" id="z00d31d46317e4dbbb352bf7f0c93976d" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">the extent to which the rights are transferable;</div>
                </td>
              </tr>

          </table>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
          </div>
          <table cellspacing="0" cellpadding="0" id="z83691285be434e429fca97696e15a145" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">any other terms of the rights, including terms, procedures and limitations relating to the exchange and exercise of the rights;</div>
                </td>
              </tr>

          </table>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
          </div>
          <table cellspacing="0" cellpadding="0" id="za5767f1690c04118bbe59498eca194de" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">the date on which the right to exercise the rights will commence and the date on which the right will expire;</div>
                </td>
              </tr>

          </table>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
          </div>
          <table cellspacing="0" cellpadding="0" id="ze5df2462f15d41f1b8ffe7b1758eac56" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">the amount of rights outstanding;</div>
                </td>
              </tr>

          </table>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
          </div>
          <table cellspacing="0" cellpadding="0" id="z0aed434fb51b436992ada6395a595099" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">the extent to which the rights include an over-subscription privilege with respect to unsubscribed securities; and</div>
                </td>
              </tr>

          </table>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
          </div>
          <table cellspacing="0" cellpadding="0" id="z595916e8d28a40c8865b19b2dc2b1cb0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">the material terms of any standby underwriting arrangement entered into by the Company in connection with the rights offering.</div>
                </td>
              </tr>

          </table>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">The description in the applicable prospectus supplement of any rights we offer will not necessarily be complete and will be qualified
              in its entirety by reference to the applicable rights certificate or rights agreement, which will be filed with the Commission if we offer rights. For more information on how you can obtain copies of any rights certificate or rights agreement
              if we offer rights, see the section entitled &#8220;Where You Can Find Additional Information&#8221; of this prospectus. We urge you to read the applicable rights certificate, the applicable rights agreement and any applicable prospectus supplement in
              their entirety.</div>
          </div>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
          </div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">26</font></div>
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          </div>
          <div style="margin-bottom: 8pt;"><br>
          </div>
          <div><br>
            <div><br>
            </div>
          </div>
          <div>
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">DESCRIPTION OF UNITS</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">As specified in the applicable prospectus supplement, we may issue units consisting of one or more of our rights, purchase contracts,
              warrants, debt securities, preferred shares, common shares or any combination of such securities. The applicable prospectus supplement will describe the terms of the offered units. We expect that such terms will include:</div>
          </div>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
          </div>
          <table cellspacing="0" cellpadding="0" id="z5226251029844d2a983472a5f344f7be" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">the terms of the units and of the rights, purchase contracts, warrants, debt securities, preferred shares and common shares comprising the units, including whether and under what
                    circumstances the securities comprising the units may be traded separately;</div>
                </td>
              </tr>

          </table>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
          </div>
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                <td style="width: 1%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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                <td style="width: 91%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">a description of the terms of any unit agreement governing the units;</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
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                <td style="width: 1%; vertical-align: top;">
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                  <div style="font-family: 'Times New Roman', serif;">if applicable, a discussion of any material U.S. federal income tax considerations; and</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
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                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</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;">a description of the provisions for the payment, settlement, transfer or exchange of the units.</div>
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          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
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            <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">27</font></div>
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          <div style="margin-bottom: 8pt;"><br>
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          <div><br>
            <div><br>
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            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">PLAN OF DISTRIBUTION</div>
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            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">We may sell or distribute the securities included in this prospectus through underwriters, through agents, to dealers, in private
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                  <div style="font-family: 'Times New Roman', serif;">a block trade in which a broker-dealer may resell a portion of the block, as principal, in order to facilitate the transaction;</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
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                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</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;">&#8226;</div>
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                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
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                  <div style="font-family: 'Times New Roman', serif;">trading plans entered into by us pursuant to Rule&#160;10b5-1&#160;under the Securities Exchange Act of 1934, as amended, or the Exchange Act, that are in place at the time of an offering pursuant
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                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
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          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
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                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
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          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
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              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
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                  <div style="font-family: 'Times New Roman', serif;">enter into option or other types of transactions that require us to deliver common shares to a broker-dealer, who will then resell or transfer the common shares under this prospectus;</div>
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          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
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          <table cellspacing="0" cellpadding="0" id="zcdee8ed26b2043528e0b9b3199c74eee" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
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                <td style="width: 1%; vertical-align: top;">
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          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
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          <table cellspacing="0" cellpadding="0" id="z7de6403835d94086a191f79eb29f87a7" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
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                <td style="width: 1%; vertical-align: top;">
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                  <div style="font-family: 'Times New Roman', serif;">a combination of the foregoing.</div>
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            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">We may enter into derivative transactions with third parties, or sell securities not covered by this prospectus to third parties in
              privately negotiated transactions. If the applicable prospectus supplement indicates, in connection with those derivatives, the third parties may sell securities covered by this prospectus and the applicable prospectus supplement, including
              in short sale transactions. If so, the third party may use securities pledged by us, or borrowed from us or others, to settle those sales or to close out any related open borrowings of stock, and may use securities received from us in
              settlement of those derivatives to close out any related open borrowings of stock. The third party in such sale transactions will be an underwriter and, if not identified in this prospectus, will be identified in the applicable prospectus
              supplement (or a post-effective amendment). In addition, we or any of our shareholders may otherwise loan or pledge securities (which may be newly-issued or outstanding securities) to a financial institution or other third party that in turn
              may sell the securities short using this prospectus or&#160;on-lend&#160;the securities to third parties who may sell the securities short using this prospectus. Such financial institution or other third party may transfer its economic short position
              to investors in our securities or in connection with a concurrent offering of other securities.</div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">As of the date of this prospectus, we are not a party to any agreement, arrangement or understanding between any broker or dealer and
              us with respect to the offer or sale of the securities pursuant to this prospectus.</div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">At the time that any particular offering of securities is made, to the extent required by the Securities Act, a prospectus supplement
              will be distributed, setting forth the terms of the offering, including the aggregate number of securities being offered, the purchase price of the securities, the initial offering price of the securities, the</div>
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            <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">28</font></div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">names of any underwriters, dealers or agents, any discounts, commissions and other items constituting compensation from us and any discounts, commissions or concessions allowed
              or&#160;re-allowed&#160;or paid to dealers. Furthermore, we, our executive officers and our directors may agree, subject to certain exemptions, that for a certain period from the date of the prospectus supplement under which the securities are offered,
              we will not, without the prior written consent of an underwriter, offer, sell, contract to sell, pledge or otherwise dispose of any of our common shares or any securities convertible into or exchangeable for our common shares. However, an
              underwriter, in its sole discretion, may release any of the securities subject to these&#160;lock-up&#160;agreements at any time without notice. We expect an underwriter to exclude from these&#160;lock-up&#160;agreements securities exercised and/or sold pursuant
              to trading plans entered into by us pursuant to Rule&#160;10b5-1&#160;under the Exchange Act, that are in place at the time of an offering pursuant to this prospectus and any applicable prospectus supplement hereto that provide for periodic sales of
              our securities on the basis of parameters described in such trading plans.</div>
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            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">Underwriters or agents could make sales in privately negotiated transactions and/or any other method permitted by law, including
              sales deemed to be an&#160;at-the-market&#160;offering as defined in Rule 415 promulgated under the Securities Act, which includes sales made directly on or through the NYSE, the existing trading market for our common shares, or sales made to or
              through a market maker other than on an exchange.</div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">We will bear costs relating to the securities offered and sold by us under this Registration Statement.</div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">If more than five percent (5%) or more of the net proceeds of any offering of common shares made under this prospectus will be
              received by a Financial Industry Regulatory Authority, or FINRA, member participating in the offering or affiliates or associated persons of such a FINRA member, the offering will be conducted in accordance with FINRA Rule 5121.</div>
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          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
          </div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">29</font></div>
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            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">EXPENSES</div>
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            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">The following are the estimated expenses of the issuance and distribution of the securities being registered under the registration
              statement of which this prospectus forms a part, all of which will be paid by us.</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
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                <td valign="bottom" style="vertical-align: middle;">&#160;</td>
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                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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                  <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Commission registration fee</div>
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                  <div style="font-family: 'Times New Roman', serif;">$</div>
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                  <div style="font-family: 'Times New Roman', serif;"><br>
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                <td valign="bottom" style="vertical-align: bottom; width: 88%;">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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                  <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">FINRA filing fee</div>
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                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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                  <div style="font-family: 'Times New Roman', serif;">**</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 88%;">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                  <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">NYSE supplemental listing fee</div>
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                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div style="font-family: 'Times New Roman', serif;">$</div>
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                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
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              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 88%;">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                  <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Blue sky fees and expenses</div>
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                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div style="font-family: 'Times New Roman', serif;">$</div>
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                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div style="font-family: 'Times New Roman', serif;">**</div>
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              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 88%;">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                  <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Printing and engraving expenses</div>
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                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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                  <div style="font-family: 'Times New Roman', serif;">$</div>
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                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div style="font-family: 'Times New Roman', serif;">**</div>
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              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 88%;">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                  <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Legal fees and expenses</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div style="font-family: 'Times New Roman', serif;">$</div>
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                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div style="font-family: 'Times New Roman', serif;">**</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 88%;">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                  <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Accounting fees and expenses</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div style="font-family: 'Times New Roman', serif;">$</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div style="font-family: 'Times New Roman', serif;">**</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 88%;">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                  <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Transfer agent and registrar fees</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div style="font-family: 'Times New Roman', serif;">$</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div style="font-family: 'Times New Roman', serif;">**</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 88%;">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                  <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Indenture trustee fees and expenses</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div style="font-family: 'Times New Roman', serif;">$</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div style="font-family: 'Times New Roman', serif;">**</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 88%;">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                  <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Miscellaneous</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div style="font-family: 'Times New Roman', serif;">$</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div style="font-family: 'Times New Roman', serif;">**</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 88%;">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                  <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Total</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div style="font-family: 'Times New Roman', serif;">$</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div style="font-family: 'Times New Roman', serif;">**</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 88%;">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
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              <tr>
                <td style="width: 4%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">*</div>
                </td>
                <td style="width: 96%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">The registrant is registering an indeterminate amount of securities under the registration statement and in accordance with Rules 456(b) and 457(r), the registrant is deferring payment
                    of any registration fee until the time the securities are sold under the registration statement pursuant to a prospectus supplement.</div>
                </td>
              </tr>

          </table>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
          </div>
          <table cellspacing="0" cellpadding="0" id="z3b8cbbdb64c243d28bfb6f7d36b541eb" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 4%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">**</div>
                </td>
                <td style="width: 96%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">To be provided by a prospectus supplement or as an exhibit to a Report on Form&#160;6-K&#160;that is incorporated by reference into this prospectus.</div>
                </td>
              </tr>

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          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
          </div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">30</font></div>
            <div class="BRPFPageBreak" style="page-break-after: always;">
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          </div>
          <br>
          <div>
            <div><br>
            </div>
          </div>
          <div>
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">LEGAL MATTERS</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">The validity of the securities offered by this prospectus will be passed upon for us by MJM Limited with respect to matters of
              Bermuda law and by Seward&#160;&amp; Kissel LLP, New York, New York, with respect to matters of U.S. and New York law.</div>
          </div>
          <div>
            <div style="text-align: center; margin-top: 24pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">EXPERTS</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">The consolidated financial statements incorporated in this prospectus by reference from our Annual Report on Form&#160;20-F&#160;for the year
              ended December&#160;31, 2022 and the effectiveness of our internal control over financial reporting as of December&#160;31, 2022 have been audited by MSPC Certified Public Accountants and Advisors, A Professional Corporation (&#8220;MSPC&#8221;), an independent
              registered public accounting firm, as stated in their report, which is incorporated in this prospectus by reference, and have been so incorporated in reliance upon the report of such firm given upon their authority as experts in accounting
              and auditing. The address of MSPC is 546 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>&#160;Avenue, 6<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>&#160;Floor, New York, New York 10036.</div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">In November 2022, MSPC, the independent registered public accounting firm of the Company for the fiscal year ended December&#160;31, 2022,
              notified the Company of its decision not to stand for&#160;re-appointment&#160;as the Company&#8217;s independent registered public accounting firm for the fiscal year ending December&#160;31, 2023. The Company&#8217;s audit committee has appointed Ernst&#160;&amp; Young AS
              (&#8220;EY&#8221;) as the successor independent registered public accounting firm for the year ending December&#160;31, 2023. The address of EY is Dronning Eufemias gate 6, 0191 Oslo, Postboks 1156 Sentrum, 0107 Oslo, Norway.</div>
          </div>
          <div>
            <div style="text-align: center; margin-top: 24pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">WHERE YOU CAN FIND ADDITIONAL INFORMATION</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">As required by the Securities Act, we filed a registration statement relating to the securities offered by this prospectus with the
              Commission.&#160;This prospectus is a part of that registration statement, which includes additional information.</div>
          </div>
          <div>
            <div style="margin-top: 18pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Government Filings</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">We file annual and special reports with the Commission. The Commission maintains a website (http://www.sec.gov) that contains
              reports, proxy and information statements and other information regarding registrants that file electronically with the Commission.&#160;This prospectus and any prospectus supplement are part of a registration statement that we filed with the
              Commission and do not contain all of the information in the registration statement. The full registration statement may be obtained from the Commission or us, as indicated below. Forms of the indenture and other documents establishing the
              terms of the offered securities are filed as exhibits to the registration statement. Statements in this prospectus or any prospectus supplement about these documents are summaries and each statement is qualified in all respects by reference
              to the document to which it refers. You should refer to the actual documents for a more complete description of the relevant matters. You may inspect a copy of the registration statement through the Commission&#8217;s website.</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">Further information about our company is available on our website at www.sflcorp.com. The information on our website does not
              constitute a part of, as is not incorporated by reference into, this prospectus.</div>
          </div>
          <div>
            <div style="margin-top: 18pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Information Incorporated by Reference</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">The Commission allows us to &#8220;incorporate by reference&#8221; information that we file with it. This means that we can disclose important
              information to you by referring you to those filed documents. The information incorporated by reference is considered to be a part of this prospectus, and information that we file later with the</div>
          </div>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">&#160;</div>
          </div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">31</font></div>
            <div class="BRPFPageBreak" 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>
            <div><br>
            </div>
            <div style="margin-top: 12pt; margin-bottom: 12pt;"><br>
            </div>
            <div><br>
            </div>
          </div>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Commission prior to termination of this offering will also be considered to be part of this prospectus and will automatically update and supersede previously filed information,
              including information contained in this document.</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">We incorporate by reference the documents listed below and any future filings made with the Commission under Section&#160;13(a), 13(c) or
              15(d) of the Securities Exchange Act of 1934:</div>
          </div>
          <div>
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
          </div>
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              <tr>
                <td style="width: 4.99%; vertical-align: middle;">
                  <div style="font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">&#8226;</div>
                </td>
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                  <div style="font-family: 'Times New Roman', serif;">The Company&#8217;s Report of Foreign Private Issuer on&#160;Form&#160;6-K,&#160;filed with the Commission on&#160;<font style="color: rgb(0, 0, 255);"><a href="https://www.sec.gov/Archives/edgar/data/1289877/000128987723000012/sflpressreleasemarch142023.htm"><font style="background-color: rgb(255, 255, 255); font-weight: normal; font-family: 'Times New Roman',serif; font-style: normal; font-variant: normal; text-transform: none;">March&#160; 16, 2023</font></a></font>&#160;and&#160;<font style="color: rgb(0, 0, 255);"><a href="https://www.sec.gov/Archives/edgar/data/1289877/000128987723000014/sflpressreleasemarch312023.htm"><font style="background-color: rgb(255, 255, 255); font-weight: normal; font-family: 'Times New Roman',serif; font-style: normal; font-variant: normal; text-transform: none;">April&#160;4, 2023</font></a></font>;</div>
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                  <div style="font-family: 'Times New Roman', serif;">The Company&#8217;s Annual Report on <font style="color: rgb(0, 0, 255);"><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001289877/000128987723000010/sfl-20221231.htm"><font style="background-color: rgb(255, 255, 255); font-weight: normal; font-family: 'Times New Roman',serif; font-style: normal; font-variant: normal; text-transform: none;">Form&#160;20-F</font></a></font>&#160;for the year ended December&#160;31,
                    2022, filed with the Commission on March&#160;16, 2023, which contains audited consolidated financial statements for the most recent fiscal year for which those statements have been filed; and</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 6pt;">&#160;</div>
          </div>
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                </td>
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                </td>
                <td style="width: 1%; vertical-align: top;">
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                  <div style="font-family: 'Times New Roman', serif;"><font style="color: rgb(0, 0, 255);"><a href="https://www.sec.gov/Archives/edgar/data/1289877/000104746904018552/a2137223z8-a12b.htm">Form&#160;<font style="background-color: rgb(255, 255, 255); font-weight: normal; font-family: 'Times New Roman',serif; font-style: normal; font-variant: normal; text-transform: none;">8-A12B</font></a></font>, filed with the Commission on May&#160;26, 2004, registering the Company&#8217;s
                    common shares under Section&#160;12(b) of the Exchange Act, and any amendment filed thereto.</div>
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          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">We are also incorporating by reference all subsequent annual reports on Form&#160;20-F&#160;that we file with the Commission and current
              reports on Form&#160;6-K&#160;that we furnish to the Commission after the date of this prospectus (if they state that they are incorporated by reference into this prospectus) until we file a post-effective amendment indicating that the offering of the
              securities made by this prospectus has been terminated. In all cases, you should rely on the later information over different information included in this prospectus or the prospectus supplement.</div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">You may request a free copy of the above mentioned filing or any subsequent filing we incorporated by reference to this prospectus by
              writing or telephoning us at the following address:</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="text-align: center; margin-top: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">SFL Corporation Ltd.</div>
          </div>
          <div>
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Par la Ville Place, 4th Floor</div>
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">14 Par la Ville Road</div>
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Hamilton HM 08, Bermuda</div>
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Tel: 1&#160;800-715-6374</div>
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Email: ir@sflcorp.com</div>
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Attn: Investor Relations</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="margin-top: 18pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Information Provided by the Company</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">We will furnish holders of our common shares with annual reports containing audited financial statements and a report by its
              independent registered public accounting firm. The audited financial statements will be prepared in accordance with U.S. GAAP. As a &#8220;foreign private issuer,&#8221; we are exempt from the rules under the Exchange Act prescribing the furnishing and
              content of proxy statements to shareholders. While we furnish proxy statements to shareholders in accordance with the rules of the NYSE, those proxy statements do not conform to Schedule&#160;14A of the proxy rules promulgated under the Exchange
              Act. In addition, as a &#8220;foreign private issuer,&#8221; our officers and directors are exempt from the rules under the Exchange Act relating to short swing profit reporting and liability.</div>
          </div>
          <div>
            <div style="margin-top: 18pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Disclosure of Commission Position on Indemnification for Securities Act Liabilities</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="margin: 0px 0px 12pt; color: #000000; font-family: 'Times New Roman', serif; text-indent: 24.5pt;">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons
              controlling the registrant pursuant to the foregoing provisions, the registrant has been informed that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore,
              unenforceable.</div>
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              <b>Calculation of Filing Fee Tables</b>
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            <span style="-sec-ix-hidden: hiddenrcOfferingTableNa">&#9744;Not Applicable</span>
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              <b>Fee Calculation or Carry Forward Rule</b>
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              <b>Amount Registered</b>
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              <b>Proposed Maximum Offering Price Per Unit</b>
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              <b>Fee Rate</b>
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              <b>Amount of Registration Fee</b>
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              <b>Carry Forward Form Type</b>
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              <b>Filing Fee Previously Paid in Connection with Unsold Securities to be Carried Forward</b>
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		1
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            <span>$</span>
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            <span>$</span>
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          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
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		Fees Previously Paid
	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
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            <b>Carry Forward Securities</b>
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		Carry Forward Securities
	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
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          <td>
            <!-- BLANK -->
          </td>
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              <span>$</span>
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            </p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
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              <span>$</span>
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          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
        </tr>
        <tr>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
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					Total Fees Previously Paid:
				</p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top">
            <p id="TotalPreviouslyPaidAmt" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlPrevslyPdAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-419">0.00</ix:nonFraction>
            </p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
        </tr>
        <tr>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td colspan="3" style="vertical-align: top">
            <p style="margin: 0pt; text-align: right">
					Total Fee Offsets:
				</p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top">
            <p id="TotalOffsetAmt" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlOffsetAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-420">9,595.00</ix:nonFraction>
            </p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
        </tr>
        <tr>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td colspan="3" style="vertical-align: top">
            <p style="margin: 0pt; text-align: right">
					Net Fee Due:
				</p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top">
            <p id="NetFeeAmt" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:NetFeeAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-421">1,646.34</ix:nonFraction>
            </p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
        </tr>
      </table>
    </div>
    <div>
      <table style="width: 100%; text-indent: 0px;">
        <tbody>
          <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; vertical-align: top;">
            <td>
              <p style="margin:0pt;text-align:left; margin-bottom: 5px;">
                <b>Offering Note</b>
              </p>
            </td>
            <td/>
          </tr>
        </tbody>
      </table>
    </div>
    <div style="padding-bottom: 20px;">
      <table style="width: 100%; text-indent: 0px;">
        <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; vertical-align: top;">
          <td style="width:10pt;">
            <p style="margin:0pt;text-align:left;">
              <sup style="vertical-align:top;line-height:120%;font-size:10px">1</sup>
            </p>
          </td>
          <td colspan="7" style="white-space: pre-line;">
            <ix:nonNumeric name="ffd:OfferingNote" escape="1" contextRef="offrl_1" id="ixv-422">(1)	Pursuant to Rule 416 under the Securities Act of 1933, as amended (the "Securities Act"), the shares being registered hereunder include such indeterminate number of common shares as may be issuable with respect to the common shares being registered hereunder as a result of stock splits, stock dividends or similar transactions.

(2)	Calculated in accordance with Rule 457(r) under the Securities Act and estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c) under the Securities Act, based on the average of the high and low sale prices of the common stock on November 19, 2025 as reported on the New York Stock Exchange.
</ix:nonNumeric>
          </td>
        </tr>
        <tr>
          <td colspan="7">
            <hr style="width:100%;text-align:left;margin-left:0"/>
          </td>
        </tr>
      </table>
    </div>
    <div style="padding-bottom: 20px;">
      <table style="float: center; width: 100%; text-align: left;  ">
        <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px">
          <th style="vertical-align: bottom; text-align: left; word-wrap: break-word">
            <b>Table 2: Fee Offset Claims and Sources</b>
          </th>
          <th style="vertical-align: bottom; word-wrap: break-word; text-align: right;">
            <span style="-sec-ix-hidden: hiddenrcOffsetTableNa">&#9744;Not Applicable</span>
          </th>
        </tr>
      </table>
      <table style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; float: center; width: 100%; text-align: center;  border: 1px solid black;">
        <tr style="background-color:#9ADAF6">
          <th style="width: 10%; text-align: left;">
            <!-- BLANK -->
          </th>
          <th style="width: 8%; text-align: left;">
            <!-- BLANK -->
          </th>
          <th style="width: 16%;">
				Registrant or Filer Name
			</th>
          <th style="width: 6%;">
				Form or Filing Type
			</th>
          <th style="width: 7%;">
				File Number
			</th>
          <th style="width: 6%;">
				Initial Filing Date
			</th>
          <th style="width: 6%;">
				Filing Date
			</th>
          <th style="width: 6%;">
				Fee Offset Claimed
			</th>
          <th style="width: 6%;">
				Security Type Associated with Fee Offset Claimed
			</th>
          <th style="width: 8%;">
				Security Title Associated with Fee Offset Claimed
			</th>
          <th style="width: 6%;">
				Unsold Securities Associated with Fee Offset Claimed
			</th>
          <th style="width: 9%;">
				Unsold Aggregate Offering Amount Associated with Fee Offset Claimed
			</th>
          <th style="width: 6%;">
				Fee Paid with Fee Offset Source
			</th>
        </tr>
        <tr>
          <td colspan="14" style="text-align: center">
            <b>Rules 457(b) and 0-11(a)(2)</b>
          </td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
		Fee Offset Claims
	</td>
          <td>

	</td>
          <td style="text-align: left;">

	</td>
          <td>

	</td>
          <td>

	</td>
          <td>

	</td>
          <td>

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
		Fee Offset Sources
	</td>
          <td>

	</td>
          <td style="text-align: left;">

	</td>
          <td>

	</td>
          <td>

	</td>
          <td>

	</td>
          <td>

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr>
          <td colspan="14" style="text-align: center">
            <b>Rule 457(p)</b>
          </td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:Rule457pOffsetFlg" contextRef="ofst_1" format="ixt:booleantrue" id="ixv-423">Fee Offset Claims</ix:nonNumeric>
          </td>
          <td>
		1
	</td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OffsetPrrFilerNm" contextRef="ofst_1" id="ixv-424"> SFL Corp Ltd.</ix:nonNumeric>
          </td>
          <td>
            <ix:nonNumeric name="ffd:OffsetPrrFormTp" contextRef="ofst_1" id="ixv-425">F-3</ix:nonNumeric>
          </td>
          <td>
            <ix:nonNumeric name="ffd:OffsetPrrFileNb" contextRef="ofst_1" id="ixv-426">333-264330</ix:nonNumeric>
          </td>
          <td>
            <ix:nonNumeric name="ffd:OffsetClmInitlFilgDt" format="ixt:datemonthdayyear" contextRef="ofst_1" id="ixv-427">04/15/2022</ix:nonNumeric>
          </td>
          <td>

	</td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:OffsetClmdAmt" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" contextRef="ofst_1" id="ixv-428">9,595.00</ix:nonFraction>
          </td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OffsetPrrSctyTp" contextRef="ofst_1" id="ixv-429">Equity</ix:nonNumeric>
          </td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OffsetPrrSctyTitl" contextRef="ofst_1" id="ixv-430">Common shares, par value $.01 per share</ix:nonNumeric>
          </td>
          <td style="text-align: right;">
            <ix:nonFraction name="ffd:OffsetPrrNbOfUnsoldScties" unitRef="Shares" decimals="0" format="ixt:numdotdecimal" contextRef="ofst_1" id="ixv-431">10,000,000</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:OffsetPrrUnsoldOfferingAmt" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" contextRef="ofst_1" id="ixv-432">103,500,000.00</ix:nonFraction>
          </td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:Rule457pOffsetFlg" contextRef="ofst_2" format="ixt:booleantrue" id="ixv-433">Fee Offset Sources</ix:nonNumeric>
          </td>
          <td>

	</td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OffsetPrrFilerNm" contextRef="ofst_2" id="ixv-434">SFL Corp Ltd.</ix:nonNumeric>
          </td>
          <td>
            <ix:nonNumeric name="ffd:OffsetPrrFormTp" contextRef="ofst_2" id="ixv-435">F-3</ix:nonNumeric>
          </td>
          <td>
            <ix:nonNumeric name="ffd:OffsetPrrFileNb" contextRef="ofst_2" id="ixv-436">333-264330</ix:nonNumeric>
          </td>
          <td>

	</td>
          <td>
            <ix:nonNumeric name="ffd:OffsetSrcFilgDt" format="ixt:datemonthdayyear" contextRef="ofst_2" id="ixv-437">04/15/2022</ix:nonNumeric>
          </td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:OffsetPrrFeeAmt" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" contextRef="ofst_2" id="ixv-438">9,595.00</ix:nonFraction>
          </td>
        </tr>
      </table>
    </div>
    <div>
      <table style="width: 100%; text-indent: 0px;">
        <tbody>
          <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; vertical-align: top;">
            <td>
              <p style="margin:0pt;text-align:left; margin-bottom: 5px;">
                <b>Rule 457(p) Statement of Withdrawal, Termination, or Completion:</b>
              </p>
            </td>
            <td/>
          </tr>
        </tbody>
      </table>
    </div>
    <div style="padding-bottom: 20px;">
      <table style="width: 100%; text-indent: 0px;">
        <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; vertical-align: top;">
          <td style="width:10pt;">
            <p style="margin:0pt;text-align:left;">
              <sup style="vertical-align:top;line-height:120%;font-size:10px">1</sup>
            </p>
          </td>
          <td colspan="7" style="white-space: pre-line;">
            <ix:nonNumeric name="ffd:TermntnCmpltnWdrwl" escape="1" contextRef="ofst_1" id="ixv-439">SFL Corporation Ltd. previously paid an aggregate registration fee of $9,595 in connection with the Registration Statement on Form F-3ASR (Registration Statement No. 333-264330), filed on April 15, 2022 (the "Prior Registration Statement") relating to the registration of 10,000,000 common shares, of which there were no common shares  sold or issued pursuant to the Prior Registration Statement. Pursuant to Rule 457(p), the $11,242 registration fee associated with this Form F-3ASR filing is being partially offset by the $9,595 in fees that remain available under the Prior Registration Statement. As a result, the offering of unsold securities under the Prior Registration Statement associated with the claimed fee offset pursuant to Rule 457(p) will be deemed completed or terminated as of the date of effectiveness of this Registration Statement.</ix:nonNumeric>
          </td>
        </tr>
        <tr>
          <td colspan="7">
            <hr style="width:100%;text-align:left;margin-left:0"/>
          </td>
        </tr>
      </table>
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    <div style="padding-bottom: 20px;">
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        <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px">
          <th style="vertical-align: bottom; text-align: left; word-wrap: break-word">
            <b>Table 3: Combined Prospectuses</b>
          </th>
          <th style="vertical-align: bottom; word-wrap: break-word; text-align: right;">
            <span style="-sec-ix-hidden: hiddenrcCombinedProspectusTableNa">&#9745;Not Applicable</span>
          </th>
        </tr>
      </table>
      <table style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; float: center; width: 100%; border: 1px solid black;">
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            <!-- Note column -->
          </th>
          <th style="width: 14%">
            <p style="margin: 0pt; text-align: center;">
              <b>Security Type</b>
            </p>
          </th>
          <th style="width: 25%">
            <p style="margin: 0pt; text-align: center;">
              <b>Security Class Title</b>
            </p>
          </th>
          <th style="width: 14%">
            <p style="margin: 0pt; text-align: center;">
              <b>Amount of Securities Previously Registered</b>
            </p>
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          <th style="width: 18%">
            <p style="margin: 0pt; text-align: center;">
              <b>Maximum Aggregate Offering Price of Securities Previously Registered</b>
            </p>
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          <th style="width: 6%">
            <p style="margin: 0pt; text-align: center;">
              <b>Form Type</b>
            </p>
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          <th style="width: 10%">
            <p style="margin: 0pt; text-align: center;">
              <b>File Number</b>
            </p>
          </th>
          <th style="width: 8%">
            <p style="margin: 0pt; text-align: center;">
              <b>Initial Effective Date</b>
            </p>
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          <td style="text-align: center;">
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: center;">
		N/A
	</td>
          <td style="text-align: center;">
		N/A
	</td>
          <td style="text-align: center;">
		N/A
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end
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Submission<br></strong></div></th>
<th class="th"><div>Nov. 20, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissionLineItems', window );"><strong>Submission [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Central Index Key</a></td>
<td class="text">0001289877<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Registrant Name</a></td>
<td class="text">SFL Corp Ltd.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_RegnFileNb', window );">Registration File Number</a></td>
<td class="text">333-271504<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FormTp', window );">Form Type</a></td>
<td class="text">F-3<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissnTp', window );">Submission Type</a></td>
<td class="text">424B5<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeExhibitTp', window );">Fee Exhibit Type</a></td>
<td class="text">EX-FILING FEES<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTableNa', window );">Offering Table N/A</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetTableNa', window );">Offset Table N/A</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_CombinedProspectusTableNa', window );">Combined Prospectus Table N/A</a></td>
<td class="text">N/A<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_CombinedProspectusTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_CombinedProspectusTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeExhibitTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeExhibitTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:feeExhibitTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FormTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FormTp</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td><strong> Data Type:</strong></td>
<td>ffd:submissionTypeItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingTableNa</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetTableNa</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_RegnFileNb">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_RegnFileNb</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td><strong> Data Type:</strong></td>
<td>ffd:fileNumberItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td>xbrli:stringItemType</td>
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<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissnTp</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td>ffd:submissionTypeItemType</td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</div>
</body>
</html>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>6
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Offerings - Offering: 1<br></strong></div></th>
<th class="th">
<div>Nov. 20, 2025 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457rFlg', window );">Rule 457(r)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Equity<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Common shares, par value $0.01 per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_AmtSctiesRegd', window );">Amount Registered | shares</a></td>
<td class="nump">10,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxOfferingPricPerScty', window );">Proposed Maximum Offering Price per Unit</a></td>
<td class="nump">8.14<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 81,400,000.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01381%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeAmt', window );">Amount of Registration Fee</a></td>
<td class="nump">$ 11,241.34<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingNote', window );">Offering Note</a></td>
<td class="text">(1)	Pursuant to Rule 416 under the Securities Act of 1933, as amended (the "Securities Act"), the shares being registered hereunder include such indeterminate number of common shares as may be issuable with respect to the common shares being registered hereunder as a result of stock splits, stock dividends or similar transactions.

(2)	Calculated in accordance with Rule 457(r) under the Securities Act and estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c) under the Securities Act, based on the average of the high and low sale prices of the common stock on November 19, 2025 as reported on the New York Stock Exchange.
<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_AmtSctiesRegd">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of securities being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_AmtSctiesRegd</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Total amount of registration fee (amount due after offsets).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeAmt</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td>ffd:nonNegative1TMonetary2ItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The rate per dollar of fees that public companies and other issuers pay to register their securities with the Commission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_MaxAggtOfferingPric">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum aggregate offering price for the offering that is being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_MaxAggtOfferingPric</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative100TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_MaxOfferingPricPerScty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum offering price per share/unit being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_MaxOfferingPricPerScty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegativeDecimal4lItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingNote">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingNote</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTitl">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The title of the class of securities being registered (for each class being registered).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTitl</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Type of securities: "Asset-backed Securities", "ADRs/ADSs", "Debt", "Debt Convertible into Equity", "Equity", "Face Amount Certificates", "Limited Partnership Interests", "Mortgage Backed Securities", "Non-Convertible Debt", "Unallocated (Universal) Shelf", "Exchange Traded Vehicle Securities", "Other"</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingTable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingTable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_PrevslyPdFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_PrevslyPdFlg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_Rule457rFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection r<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_Rule457rFlg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>7
<FILENAME>R3.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Offsets<br></strong></div></th>
<th class="th">
<div>Nov. 20, 2025 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetAxis=1', window );">Offset: 1</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetTable', window );"><strong>Offset Payment:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetClmdInd', window );">Offset Claimed</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457pOffsetFlg', window );">Rule 457(p) Offset</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrFilerNm', window );">Registrant or Filer Name</a></td>
<td class="text"> SFL Corp Ltd.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrFormTp', window );">Form or Filing Type</a></td>
<td class="text">F-3<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrFileNb', window );">File Number</a></td>
<td class="text">333-264330<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetClmInitlFilgDt', window );">Initial Filing Date</a></td>
<td class="text">Apr. 15,  2022<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetClmdAmt', window );">Fee Offset Claimed</a></td>
<td class="nump">$ 9,595.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrSctyTp', window );">Security Type Associated with Fee Offset Claimed</a></td>
<td class="text">Equity<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrSctyTitl', window );">Security Title Associated with Fee Offset Claimed</a></td>
<td class="text">Common shares, par value $.01 per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrNbOfUnsoldScties', window );">Unsold Securities Associated with Fee Offset Claimed | shares</a></td>
<td class="nump">10,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrUnsoldOfferingAmt', window );">Unsold Aggregate Offering Amount Associated with Fee Offset Claimed</a></td>
<td class="nump">$ 103,500,000.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TermntnCmpltnWdrwl', window );">Termination / Withdrawal Statement</a></td>
<td class="text">SFL Corporation Ltd. previously paid an aggregate registration fee of $9,595 in connection with the Registration Statement on Form F-3ASR (Registration Statement No. 333-264330), filed on April 15, 2022 (the "Prior Registration Statement") relating to the registration of 10,000,000 common shares, of which there were no common shares  sold or issued pursuant to the Prior Registration Statement. Pursuant to Rule 457(p), the $11,242 registration fee associated with this Form F-3ASR filing is being partially offset by the $9,595 in fees that remain available under the Prior Registration Statement. As a result, the offering of unsold securities under the Prior Registration Statement associated with the claimed fee offset pursuant to Rule 457(p) will be deemed completed or terminated as of the date of effectiveness of this Registration Statement.<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetAxis=2', window );">Offset: 2</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetTable', window );"><strong>Offset Payment:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetClmdInd', window );">Offset Claimed</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457pOffsetFlg', window );">Rule 457(p) Offset</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrFilerNm', window );">Registrant or Filer Name</a></td>
<td class="text">SFL Corp Ltd.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrFormTp', window );">Form or Filing Type</a></td>
<td class="text">F-3<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrFileNb', window );">File Number</a></td>
<td class="text">333-264330<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetSrcFilgDt', window );">Filing Date</a></td>
<td class="text">Apr. 15,  2022<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrFeeAmt', window );">Fee Paid with Fee Offset Source</a></td>
<td class="nump">$ 9,595.00<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetClmInitlFilgDt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The initial filing date of the earlier registration statement with which the earlier (offsetting) fee was paid for a claimed offset. If the offset fee was paid with an amendment, do not provide the amendment date under this element; instead, provide the date of the initial filing (i.e. the "parent" filing) .</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection p<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetClmInitlFilgDt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetClmdAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of offsetting fees being claimed.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection p<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetClmdAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetClmdInd">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetClmdInd</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetPrrFeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The fee previously paid from which an offset is being derived.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection p<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetPrrFeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetPrrFileNb">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The EDGAR File Number of the earlier registration statement with which the earlier (offsetting) fee was paid. If the offset filing for the offset has a Securities Act File Number and an Investment Company Act File Number, the Securities Act File Number should be used.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection p<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetPrrFileNb</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetPrrFilerNm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The name of the registrant that filed the earlier registration statement with which the earlier (offsetting) fee was paid.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection p<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetPrrFilerNm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:filerNameItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetPrrFormTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Form Type of the offset filing.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection p<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetPrrFormTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:formTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetPrrNbOfUnsoldScties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of unsold securities registered on the prior registration statement that are associated with the claimed offset.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection p<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetPrrNbOfUnsoldScties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegativeIntegerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetPrrSctyTitl">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The title of the class of securities from which offset fees were derived.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection p<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetPrrSctyTitl</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetPrrSctyTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Type of securities: "Asset-backed Securities", "ADRs/ADSs", "Debt", "Debt Convertible into Equity", "Equity", "Face Amount Certificates", "Limited Partnership Interests", "Mortgage Backed Securities", "Non-Convertible Debt", "Unallocated (Universal) Shelf", "Exchange Traded Vehicle Securities", "Other"</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection p<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetPrrSctyTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetPrrUnsoldOfferingAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate offering amount of unsold securities registered on the prior registration statement that are associated with the claimed offset.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection p<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetPrrUnsoldOfferingAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetSrcFilgDt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The filing date of the earlier registration statement with which the earlier (offsetting) fee was paid in an offset.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection p<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetSrcFilgDt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetTable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetTable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_Rule457pOffsetFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Checkbox indicating whether filer is claiming an offset under Rule 457(p).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection p<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_Rule457pOffsetFlg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_TermntnCmpltnWdrwl">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_TermntnCmpltnWdrwl</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetAxis=1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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(2)	Calculated in accordance with Rule 457(r) under the Securities Act and estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c) under the Securities Act, based on the average of the high and low sale prices of the common stock on November 19, 2025 as reported on the New York Stock Exchange.
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    <ffd:Rule457pOffsetFlg contextRef="ofst_1" id="ixv-423">true</ffd:Rule457pOffsetFlg>
    <ffd:OffsetPrrFilerNm contextRef="ofst_1" id="ixv-424"> SFL Corp Ltd.</ffd:OffsetPrrFilerNm>
    <ffd:OffsetPrrFormTp contextRef="ofst_1" id="ixv-425">F-3</ffd:OffsetPrrFormTp>
    <ffd:OffsetPrrFileNb contextRef="ofst_1" id="ixv-426">333-264330</ffd:OffsetPrrFileNb>
    <ffd:OffsetClmInitlFilgDt contextRef="ofst_1" id="ixv-427">2022-04-15</ffd:OffsetClmInitlFilgDt>
    <ffd:OffsetClmdAmt
      contextRef="ofst_1"
      decimals="INF"
      id="ixv-428"
      unitRef="USD">9595.00</ffd:OffsetClmdAmt>
    <ffd:OffsetPrrSctyTp contextRef="ofst_1" id="ixv-429">Equity</ffd:OffsetPrrSctyTp>
    <ffd:OffsetPrrSctyTitl contextRef="ofst_1" id="ixv-430">Common shares, par value $.01 per share</ffd:OffsetPrrSctyTitl>
    <ffd:OffsetPrrNbOfUnsoldScties
      contextRef="ofst_1"
      decimals="0"
      id="ixv-431"
      unitRef="Shares">10000000</ffd:OffsetPrrNbOfUnsoldScties>
    <ffd:OffsetPrrUnsoldOfferingAmt
      contextRef="ofst_1"
      decimals="INF"
      id="ixv-432"
      unitRef="USD">103500000.00</ffd:OffsetPrrUnsoldOfferingAmt>
    <ffd:Rule457pOffsetFlg contextRef="ofst_2" id="ixv-433">true</ffd:Rule457pOffsetFlg>
    <ffd:OffsetPrrFilerNm contextRef="ofst_2" id="ixv-434">SFL Corp Ltd.</ffd:OffsetPrrFilerNm>
    <ffd:OffsetPrrFormTp contextRef="ofst_2" id="ixv-435">F-3</ffd:OffsetPrrFormTp>
    <ffd:OffsetPrrFileNb contextRef="ofst_2" id="ixv-436">333-264330</ffd:OffsetPrrFileNb>
    <ffd:OffsetSrcFilgDt contextRef="ofst_2" id="ixv-437">2022-04-15</ffd:OffsetSrcFilgDt>
    <ffd:OffsetPrrFeeAmt
      contextRef="ofst_2"
      decimals="INF"
      id="ixv-438"
      unitRef="USD">9595.00</ffd:OffsetPrrFeeAmt>
    <ffd:TermntnCmpltnWdrwl contextRef="ofst_1" id="ixv-439">SFL Corporation Ltd. previously paid an aggregate registration fee of $9,595 in connection with the Registration Statement on Form F-3ASR (Registration Statement No. 333-264330), filed on April 15, 2022 (the "Prior Registration Statement") relating to the registration of 10,000,000 common shares, of which there were no common shares  sold or issued pursuant to the Prior Registration Statement. Pursuant to Rule 457(p), the $11,242 registration fee associated with this Form F-3ASR filing is being partially offset by the $9,595 in fees that remain available under the Prior Registration Statement. As a result, the offering of unsold securities under the Prior Registration Statement associated with the claimed fee offset pursuant to Rule 457(p) will be deemed completed or terminated as of the date of effectiveness of this Registration Statement.</ffd:TermntnCmpltnWdrwl>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
