<SEC-DOCUMENT>0001140361-20-001656.txt : 20200129
<SEC-HEADER>0001140361-20-001656.hdr.sgml : 20200129
<ACCEPTANCE-DATETIME>20200129083722
ACCESSION NUMBER:		0001140361-20-001656
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200129
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200129
DATE AS OF CHANGE:		20200129

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GENCO SHIPPING & TRADING LTD
		CENTRAL INDEX KEY:			0001326200
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33393
		FILM NUMBER:		20556505

	BUSINESS ADDRESS:	
		STREET 1:		299 PARK AVENUE
		STREET 2:		12TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10171
		BUSINESS PHONE:		(646) 443-8550

	MAIL ADDRESS:	
		STREET 1:		299 PARK AVENUE
		STREET 2:		12TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10171
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k.htm
<DESCRIPTION>8-K
<TEXT>
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      <div style="text-align: center; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
      <div style="text-align: center; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; font-size: 12pt; font-weight: bold;">WASHINGTON, D.C. 20549</div>
      <div><br>
      </div>
      <div style="text-align: center; font-size: 18pt; font-weight: bold;">FORM 8-K</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">CURRENT REPORT</div>
      <div style="text-align: center; font-weight: bold;">&#160;Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934</div>
      <div>&#160;</div>
      <div style="text-align: center;">Date of Report (Date of earliest event reported):&#160; January 29, 2020</div>
      <div>&#160;</div>
      <div style="text-align: center; font-size: 24pt; font-weight: bold;">GENCO SHIPPING &amp; TRADING LIMITED</div>
      <div style="text-align: center;">(Exact name of registrant as specified in its charter)</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zaf642a4e76664cf2a5bd2d3394b5b65a">

          <tr>
            <td style="width: 33.33%; vertical-align: top;">
              <div style="text-align: center; font-weight: bold;">Republic of the Marshall Islands</div>
            </td>
            <td style="width: 34%; vertical-align: top;">
              <div style="text-align: center; font-weight: bold;">001-33393</div>
            </td>
            <td style="width: 33.34%; vertical-align: top;">
              <div style="text-align: center; font-weight: bold;">98-043-9758</div>
            </td>
          </tr>
          <tr>
            <td style="width: 33.33%; vertical-align: top;">
              <div style="text-align: center;">(State or other jurisdiction of incorporation or organization)</div>
            </td>
            <td style="width: 34%; vertical-align: top;">
              <div style="text-align: center;">(Commission file number)</div>
            </td>
            <td style="width: 33.34%; vertical-align: top;">
              <div style="text-align: center;">(I.R.S. employer identification no.)</div>
            </td>
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            <td style="width: 33.33%; vertical-align: top;">
              <div style="text-align: center; font-weight: bold;">299 Park Avenue</div>
              <div style="text-align: center; font-weight: bold;">12th Floor</div>
            </td>
            <td style="width: 34%; vertical-align: top;">&#160;</td>
            <td style="width: 33.34%; vertical-align: top;">
              <div>&#160;</div>
              <div style="text-align: center; font-weight: bold;">10171</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 33.33%; vertical-align: top; text-align: center;">(Address of principal executive offices)</td>
            <td rowspan="1" style="width: 34%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 33.34%; vertical-align: top; text-align: center;">(Zip code)</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: center;">Registrant&#8217;s telephone number, including area code:&#160; (646) 443-8550</div>
      <div>&#160;</div>
      <div>
        <div style="margin-left: 36pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<font style="font-style: italic;">see</font>
          General Instruction A.2. below):</div>
        <div> <br>
        </div>
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
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        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zeb46148beb29484ea1b167d3cecafd4a">

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                <td style="width: 18pt; vertical-align: top;">&#9744;</td>
                <td style="width: auto; vertical-align: bottom;">
                  <div>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div>&#160;</div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4cca639efc994b4ba0febcdf47a793b1">

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                <td style="width: 18pt; vertical-align: top;">&#9744;</td>
                <td style="width: auto; vertical-align: bottom;">
                  <div>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div>&#160;</div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za4de9ee736f2482b995bb39d616132a4">

              <tr>
                <td style="width: 18pt; vertical-align: top;">&#9744;</td>
                <td style="width: auto; vertical-align: bottom;">
                  <div>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div>&#160;</div>
      <div>
        <div>
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                <td style="width: 18pt; vertical-align: top;">&#9744;</td>
                <td style="width: auto; vertical-align: bottom;">
                  <div>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</div>
      <div><br>
      </div>
      <div style="text-align: right;">Emerging growth company&#160;&#160;&#160; &#9744;</div>
      <div><br>
      </div>
      <div>If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
        Act.&#160;&#160; &#9744;</div>
      <div>&#160;</div>
      <div>Securities registered pursuant to Section 12(b) of the Act:</div>
      <div> <br>
      </div>
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            <td style="width: 35%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div>Title of each class</div>
            </td>
            <td style="width: 20%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div>Trading Symbol(s)</div>
            </td>
            <td style="width: 45%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div>Name of exchange on which registered</div>
            </td>
          </tr>
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            <td style="width: 35%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div>Common stock, par value $0.01 per share</div>
            </td>
            <td style="width: 20%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div>GNK</div>
            </td>
            <td style="width: 45%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div>New York Stock Exchange (NYSE)</div>
            </td>
          </tr>

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      <br>
    </div>
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right; font-weight: bold;">Item 2.02</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Results of Operations and Financial Condition.</div>
                </td>
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        </div>
      </div>
      <div><br>
      </div>
      <div>Genco Shipping &amp; Trading Limited (the &#8220;Company&#8221;) issued a press release today including disclosure that, as of December 31, 2019, its estimated cash is approximately $162 million.&#160; Such amount is an estimate only and is subject to change.&#160;
        The Company&#8217;s press release disclosing such estimated amount is set forth in Exhibit 99.1 hereto.</div>
      <div><br>
      </div>
      <div>The information set forth under &#8220;Item 2.02 Results of Operations and Financial Condition,&#8221; including Exhibit 99.1 attached hereto, shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of the Securities Act of 1934, as amended, nor shall such
        information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.</div>
      <div><br>
      </div>
      <div>
        <div>
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                <td style="width: 54pt; vertical-align: top; font-weight: bold;">Item 9.01</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Financial Statements and Exhibits.</div>
                </td>
              </tr>

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                <td style="width: 22.5pt; vertical-align: top;">(d)</td>
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                  <div>Exhibits</div>
                </td>
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            <td style="width: 12%; vertical-align: top;">
              <div><u>Exhibit No.</u></div>
            </td>
            <td style="width: 88%; vertical-align: top;">
              <div><u>Description</u></div>
            </td>
          </tr>
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            <td style="width: 12%; vertical-align: top;">&#160;</td>
            <td style="width: 88%; vertical-align: top;">&#160;</td>
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            <td style="width: 12%; vertical-align: top;">
              <div>99.1</div>
            </td>
            <td style="width: 88%; vertical-align: top;">
              <div>Press Release dated January 29, 2020.</div>
            </td>
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      <div style="text-align: center; font-weight: bold;">SIGNATURE</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 54pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, Genco Shipping &amp; Trading Limited has duly caused this report to be signed on its behalf by the undersigned hereunto duly
        authorized.</div>
      <div>&#160;</div>
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            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="width: 40%; vertical-align: top;">
              <div>GENCO SHIPPING &amp; TRADING LIMITED</div>
            </td>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
          </tr>
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            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="width: 40%; vertical-align: top;">
              <div>DATE:&#160; January 29, 2020</div>
            </td>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
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            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
          </tr>
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            <td style="width: 40%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 40%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>/s/ Apostolos Zafolias</div>
            </td>
            <td style="width: 20%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>
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            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="width: 40%; vertical-align: top;">
              <div>Apostolos Zafolias</div>
            </td>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="width: 40%; vertical-align: top;">
              <div>Chief Financial Officer</div>
            </td>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
          </tr>

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      <div style="text-align: center; font-weight: bold;">EXHIBIT INDEX</div>
      <div>&#160;</div>
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            <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="font-weight: bold;">Exhibit No.</div>
            </td>
            <td style="width: 88%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="font-weight: bold;">Description</div>
            </td>
          </tr>
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            <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 88%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div><a href="ex99_1.htm">99.1</a></div>
            </td>
            <td style="width: 88%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div>Press Release dated January 29, 2020</div>
            </td>
          </tr>

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      <div><br>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.1</font><br>
    </div>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify; font-weight: bold;">CONTACT:</div>
      <div style="text-align: justify;">Apostolos Zafolias</div>
      <div style="text-align: justify;">Chief Financial Officer</div>
      <div style="text-align: justify;">Genco Shipping &amp; Trading Limited</div>
      <div style="text-align: justify;">(646) 443-8550</div>
      <div><br>
      </div>
      <div style="text-align: center;"><img src="image00002.jpg"></div>
      <div style="text-indent: 28.35pt; margin-left: 113.4pt;"><a name="z_DV_M2"></a><a name="z_DV_M3"></a><a name="z_DV_M4"></a><a name="z_DV_M5"></a><br>
      </div>
      <div style="text-align: center; font-weight: bold;"><a name="z_DV_M6"></a><a name="z_DV_M7"></a>Genco Shipping &amp; Trading Limited Announces Completion of Scrubber Program</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-size: 12pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">NEW YORK, January 29, 2020 &#8211;</font><font style="font-size: 10pt;"><a name="z_DV_M8"></a><a name="z_DV_M9"></a><a name="z_DV_M10"></a><font style="color: rgb(0, 0, 0);"> Genco Shipping &amp; Trading Limited (NYSE: GNK) (&#8220;Genco&#8221; or the &#8220;Company&#8221;) announced today</font><font style="color: rgb(0, 176, 80);">&#160;</font><font style="color: rgb(0, 0, 0);">the completion of its exhaust gas
            cleaning systems (&#8220;scrubbers&#8221;) program which consisted of installing scrubbers on Genco&#8217;s 17 Capesize vessels. This represents a key pillar of our previously announced comprehensive plan towards compliance with International Maritime
            Organization (&#8220;IMO&#8221;) regulations that limit sulfur emissions from vessels to 0.5% down from 3.5% on a global basis to improve air quality.</font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;">John C. Wobensmith, Chief Executive Officer, commented, &#8220;The execution of our scrubber program marks an important step for Genco in what was the busiest drydocking period in Company history. The completion of this
        initiative has enabled us to comply with IMO 2020 regulations in a manner that meaningfully reduces sulfur emissions and strengthens our future prospects. Specifically, given the timely nature of our scrubber retrofits on our Capesize vessels, we
        have been able to capture the differentials between compliant and high sulfur fuel so far in the early stages of compliance, significantly de-risking the initial investment. With no scheduled drydockings for our Capesize vessels for the balance of
        2020, we plan to maximize fleet-wide utilization for these vessels while re-implementing our active chartering approach. As such, we strategically repositioned select Capesize vessels after the completion of their scrubber installations towards the
        Atlantic Basin during the end of 2019 to better capture market fundamentals. With a sizeable fleet and strong balance sheet, including an estimated $162 million of cash as of December 31, 2019, Genco remains poised to capitalize on favorable
        long-term drybulk supply and demand fundamentals, while creating near-term shareholder value through our regular quarterly cash dividend policy of $0.175 per share.&#8221;</div>
      <div><br>
      </div>
      <div style="text-align: justify;">In addition to the installation of scrubbers on our 17 Capesize vessels, the balance of our fleet consisting of minor bulk vessels is consuming ultra-low sulfur compliant fuel.</div>
      <div><br>
      </div>
      <div style="text-align: center;">
        <table cellspacing="0" cellpadding="0" border="0" align="center" id="z7b0a1a92af48403591179a2d36793d6b" style="border-collapse: collapse; width: 90%; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

            <tr>
              <td style="vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);" colspan="4">
                <div style="text-align: center; font-weight: bold;">Timing of Scrubber Installations (Number of Vessels)</div>
              </td>
            </tr>
            <tr>
              <td style="width: 23%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; font-weight: bold;">Scrubbers Installed By:</div>
              </td>
              <td style="width: 22%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; font-weight: bold;">Scrubbers Installed </div>
                <div style="text-align: center; font-weight: bold;">(Cumulative)</div>
              </td>
              <td style="width: 22%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; font-weight: bold;">Capesize Fleet</div>
              </td>
              <td style="width: 23%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; font-weight: bold;">Completion Rate</div>
              </td>
            </tr>
            <tr>
              <td style="width: 23%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center;">September 30, 2019</div>
              </td>
              <td style="width: 22%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center;">8</div>
              </td>
              <td style="width: 22%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center;">17</div>
              </td>
              <td style="width: 23%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center;">47%</div>
              </td>
            </tr>
            <tr>
              <td style="width: 23%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center;">December 31, 2019</div>
              </td>
              <td style="width: 22%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center;">16</div>
              </td>
              <td style="width: 22%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center;">17</div>
              </td>
              <td style="width: 23%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center;">94%</div>
              </td>
            </tr>
            <tr>
              <td style="width: 23%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center;">January 17, 2020</div>
              </td>
              <td style="width: 22%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center;">17</div>
              </td>
              <td style="width: 22%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center;">17</div>
              </td>
              <td style="width: 23%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center;">100%</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; font-weight: bold;">About Genco Shipping &amp; Trading Limited</div>
      <div style="text-align: justify; font-weight: bold;"> <br>
      </div>
      <div style="text-align: justify;">Genco Shipping &amp; Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. As of January 29, 2020, Genco Shipping &amp; Trading Limited&#8217;s fleet
        consists of 17 Capesize, one Panamax, six Ultramax, 20 Supramax and 11 Handysize vessels with an aggregate capacity of approximately 4,942,000 dwt and an average age of 9.7 years.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995</div>
      <div>&#160;</div>
      <div style="text-align: justify; color: rgb(0, 0, 0);">This presentation contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements use
        words such as &#8220;anticipate,&#8221; &#8220;budget,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;project,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;believe,&#8221; and other words and terms of similar meaning in connection with a discussion of potential future events, circumstances or future operating or
        financial performance. These forward-looking statements are based on management&#8217;s current expectations and observations. Included among the factors that, in our view, could cause actual results to differ materially from the forward looking
        statements contained in this report are our ability to promote utilization of our vessels and other factors listed from time to time in our public filings with the Securities and Exchange Commission including, without limitation, the Company&#8217;s
        Annual Report on Form 10-K for the year ended December 31, 2018 and our subsequent reports on Form 10-Q and Form 8-K. Our ability to pay dividends in any period will depend upon various factors, including the limitations under any credit agreements
        to which we may be a party, applicable provisions of Marshall Islands law and the final determination by the Board of Directors each quarter after its review of our financial performance. The timing and amount of dividends, if any, could also be
        affected by factors affecting cash flows, results of operations, required capital expenditures, or reserves.&#160; As a result, the amount of dividends actually paid may vary.&#160; We do not undertake any obligation to update or revise any forward&#8209;looking
        statements, whether as a result of new information, future events or otherwise.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0);">The estimated cash amount as of December 31, 2019 set forth in this release is an estimate only and is subject to change.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div>
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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